10 Easily Overlooked Business Expenses You Can Write Off On Your Tax Return
During tax time, especially for business owners, every little deduction can work together to help save you money on your tax return.
Before you file, here are a few of the most overlooked business expenses that you will want to be sure not to miss...
Even if you operate widely digital, your business likely spent a significant amount on postage in the last calendar year.
This postage is an expense that you can claim on your tax return.
Parking and Meter Charges
Whether you work in the city where you have to pay for parking during working hours or if you just rack up fees from business meeting parking while you are away from the office, remember to deduct parking and meter charges if they apply.
You can also count these same fees that may have occurred on business trips.
Promotion and Publicity
From business cards to yellow pages ads, the IRS allows deductions for promotional efforts and publicity.
This includes anything that you do to try to raise the goodwill of your business.
However, you have to be able to prove that it benefits you.
For example, if you were to sponsor a team, you could prove this partnership's benefits to you if the team were named for a portion of your business.
This might look something like this "Spot Cleaner's Little Ladybugs."
Coffee or Beverage Services
Water cooler fees and coffee services keep your office up and running.
Without it, especially on Mondays, everyone might fall asleep mid-meeting.
The IRS understands...
it runs on coffee too, so be sure to claim this deduction during tax preparation time.
Giving gifts to clients and employees helps to keep your business going strong.
It reminds the people important to your business just how imperative they are to your company.
Loyalty breeds loyalty...
and it can also help you while you are filing taxes this year.
No matter what your business does, every company needs office supplies to keep their business running smoothly.
The larger your company, the more this deduction could save you, but do not dismiss it as small potatoes even for smaller businesses.
It could make a big difference in your refund.
Business Related Books and Magazines
Did you buy anything last year that helped you stay ahead of the game?
Books and magazine subscriptions that are related to your business can be deducted on your return.
Seminars and Trade Shows
Trade shows help you to put your product or service on the map.
Meanwhile, seminars help your employees to perform more efficiently and productively.
They count for your business...
and they can count on your return too.
From software to computers, you can claim almost any piece of equipment that is vital to your operation.
Keep in mind that the more deductions that you claim, the more eyes that will fall upon your return, but don't let that shy you away from getting the deductions that you deserve.
Filing with a professional can help you to avoid an audit and protect you just in case the IRS decides you missed something.