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Multiply Your Deductions with a Small Business

Investigate the possibility of starting your own business for fun, profit and huge tax savings.

See if you can turn a hobby or sideline interest into a small business (even part time) so that you can take advantage of the tremendous personal satisfaction and tax savings that a business can give you.

Review the following business tax deduction list.  Each of the items on the list are potential deductions for you as a small business owner.  Depending on the amount of time you choose to commit to a new business, each of these items can become fully or partially deductible. This can mean thousands of dollars in tax savings for you.

Choose a business that interests you, or convert one of your hobbies into a small business. That way, many of the things you are already doing suddenly become deductible.

Business Tax Deduction List

These deductions are samples of the tax-saving power of operating you own small business. This list contains, by no means, all of the deductions possible. However, if you would like to maximize the tax reduction aspects of your financial affairs, we urge you to take time now to implement the list.

  • Automobile or van
  • Automobile expenses: gas, insurance, parking, repairs
  • Interest on loans for personal assets used in your business
  • Home expenses: maintenance, repairs, insurance
  • Allowances paid to spouse or children
  • Boat, motor home or airplane
  • Home computer, including repairs and upgrades
  • Travel: US or foreign
  • Entertainment or meals for business purposes
  • VCR or camcorder
  • Books and subscriptions
  • Educational audio and video tape courses
  • Calculator, typewriter or cassette recorder
  • 100% of your medical expenses
  • Utilities and telephone
  • Gifts to customers or associates
  • Investment in business retirement plan

ITEMS

ITEMS

Association Dues

 

Briefcase

 

Credentials

 

Business Meals (enter 100% of expense)

 

License

 

Business Cards

 

Professional Associations

 

Clerical Service

 

Union Dues

 

Computer Software

 

Computer Supplies

 

Customer Lists

 

Entertainment (enter 100% of expense)

 

Equipment Repair

 

Correspondence Course Fees

 

FAX Supplies

 

Course Registration

 

Gifts

 

Lab Fees

 

Greeting Cards

 

Materials & Supplies

 

Legal & Professional Services

 

Photocopy Expense

 

Office Expenses

 

Reference Material

 

Research Expenses

 

Seminar Fees

 

Postage

 

Textbooks

 

Shipping

 

Stationary

 

Technical Publications

 

FAX Transmissions

 

Paging Service

 

Pay Phone

 

Answering Machine

 

Toll Calls

 

Calculator

 

Cellular Calls

 

Copy Machine

 

FAX Machine

 

Pager

 

Recorder

 

Telephone

 

Between Jobs or Job Locations (mi)

 

Client Meetings (mi)

 

Continuing Education (mi)

 

Job Seeking (mi)

 

Out of Town Business Trips (mi)

 

Airfare

 

Purchasing & Job Supplies & Materials (mi)

 

Car Rental

 

Professional Society Meetings (mi)

 

Parking

 

Parking Fees (&)

 

Taxi

 

Tolls (&)

 

Train

 

Bus & Subway

 

Porter, Bell Captain

 

Meals (do not combine with lodging)

 

Lodging (do not combine with meals)

 

Liability Insurance – Business

 

Laundry

 

Subscriptions

 

Bridge & Highway Tolls

 

Resume

Telephone Calls (including home)