With the year coming to a close, now is a great time to start gathering and calculating your business expenses. If you started a new business or if you just need a refresher on what you can deduct as a business expense, we are here to assist. For the most part, you can deduct anything that is an expense you incur while running your business. Listed below are a few of the common deductions.
- Office Expense (Paper/Printer Ink/Envelopes)
- Meals (Limited to 50% and must be business meals. Not Personal)
- Mileage (65.5 Cents for every mile driven for the business)
- Supplies (Any supplies used for the business)
- Telephone & Internet (If used for business and personal you can only deduct a portion)
- Wages Paid
- Rent Paid
- Advertising and Marketing
- Repairs and Maintenance (On buildings and machinery, can deduct vehicles if taking mileage expense)
If you have further questions on what is and isn’t deductible, we are available to answer any questions you may have.