What Expenses Can You Write Off as a Business?
As a business owner, you probably have a lot of questions in reference to your business taxes, what can be written off and how you might need to fill out your year end tax filings. For any of the questions and concerns, it’s best to have a business professional and an accountant that can help you with your own personal business.
Since all businesses are different, the rules for your business and what you can write off might vary. To learn more about the recommended tax deductions that are often allowed, we can refer to this article from Bench.co.
16 Small Business Tax Deductions to Consider
Of the many different things business owners can write off, the following expenses are 100 percent tax deductible.
- Advertising and promotion
- Business meals
- Business insurance
- Business interest and bank fees
- Business use of your car
- Home office
- Legal and professional fees
- Moving expenses
- Rent expense
- Salaries and benefits
- Telephone and internet expenses
- Travel expenses
- Bonus: Personal expenses
As mentioned, depending on the nature of your business, you might have different areas of your business that are more specialized and can also be written offer. Again, you should connect with your own professional accountant and attorney before filing your taxes.
How to Save the Most on Your Business Taxes
At the end of the day, we all need to pay taxes, but there are plenty of things that can legitimately be written off as a business expense.
To learn more about what’s happening in the world of business and taxes, be sure to visit our Business Tax Questions main page.