When running y our business you should always keep in mind that there are a number of common expenses that you can deduct from your taxes. Here are just a few that you might want to jot down so that you remember them for tax time.
Start Up Cost – The money you spent to start your business (i.e. incorporation expenses) can be deducted up to $5,000. Even any expenses you might have had from doing research for starting your company can be included here.
Car Expenses – If you have to drive at all for work then you can deduct the expenses you have like gas, tolls, and parking. Just make sure that if the car you use for your business is also the car you use for personal use that you’re not attempting to deduct 100% of the expenses. You must separate what you use your car for with work and what you use it for the rest of the time.
Home Office – If you run your business from your home then you are able to write off the space you use in your apartment or house as a business expense. You just need to measure the space that you use for work and divide it by the square footage of your home to determine the percentage you can deduct from your rent or mortgage.
Traveling – When you travel for work you can deduct almost everything that you spend on each trip. Your airline ticket, car rental, hotel room, and meals can all be written off as business expenses on your taxes.
To find out what else you can write off as a business expense for your taxes this year be sure to read “Start Your Business Guide: 10 Basic Small Business Tax Deductions” on Under30CEO.com.