Tax Breaks
22 Tax Breaks
As we are getting ready for taxes, we have rounded up 22 tax deductions you'll want to have on your radar as you gather receipts and documents and consider end-of-year tax write-offs.
Tax deductible business expenses
1. Advertising and promotion
2. Business meals (100 percent deductible in 2021!)
3. Business insurance
4. Bank fees
5.Business use of your car
6. Contract labor
7. Depreciation
8. Education (related to your business)
9. Home office expenses
10. Interest on business debts
11. Legal and professional fees
12. Moving expenses
13. Rent expenses
14. Salaries and benefits
15. Taxes (state, payroll, personal property, real estate, sales, excise and fuel)
16. Business licenses
17. Telephone and internet expenses
18. Travel expenses
Personal tax deductions for business owners
19. Charitable contributions
20. Child and dependent care expenses
21. Retirement contributions
22. Health care expenses
These expenses are tax deductible, but don't assume all of them apply to your business. Check the rules for each one at IRS.GOV or contact our firm for assistance so you can start planning ahead for next year, too.
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