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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



Association Dues






Business Meals (enter 100% of expense)




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




Lab Fees


Greeting Cards


Materials & Supplies


Legal & Professional Services


Photocopy Expense


Office Expenses


Reference Material


Research Expenses


Seminar Fees










Technical Publications


FAX Transmissions


Paging Service


Pay Phone


Answering Machine


Toll Calls




Cellular Calls


Copy Machine


FAX Machine








Between Jobs or Job Locations (mi)


Client Meetings (mi)


Continuing Education (mi)


Job Seeking (mi)


Out of Town Business Trips (mi)




Purchasing & Job Supplies & Materials (mi)


Car Rental


Professional Society Meetings (mi)




Parking Fees (&)




Tolls (&)




Bus & Subway


Porter, Bell Captain


Meals (do not combine with lodging)


Lodging (do not combine with meals)


Liability Insurance – Business






Bridge & Highway Tolls



Telephone Calls (including home)