Accounting for all of your business’s tax deductible expenses can save your business thousands of dollars on your tax bill. Below we outline a few commonly missed business tax deductions.

  1. Start-up costs: Expenses that get your business off the ground can be deducted once your business starts. These expenses may include an educational course, a meal with a potential client, a previously personally used computer that is now used for business, among other expenses. You can elect to deduct up to $5,000 for the first year, and the rest amortized over 15 years.

     

  2. Employee expenses: Reimbursements you provide to your own employees are tax deductible. Work related expenses such as gas, meals, hotels, and more. You must be able to show that these expenses are business related.

     

  3. Travel expenses: You can deduct travel expenses related to your business such as gasoline, airline tickets, and more. If you have company owned vehicles you may declare expenses such as tires, and other auto repairs. Note: traveling from your home to your office doesn’t count as business related mileage and cannot be deducted.

     

  4. ATM fees: ATM fees are considered banking expenses. If you are on the go, and have to withdraw some cash for business expenses from your business account, no need to worry! You can deduct those pesky ATM fees come tax season.

     

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  5. Wifi fees: Need to use your laptop to access the internet while traveling? Got work to do? You can deduct wifi fees (yes, some places still charge for wifi) for business related matters.

     

It is important to remember to save all your receipts for tax deductible expenses in case you are audited by the IRS.

Need help with your taxes? Call our small business tax accountant today at (314) 645-1614.