Deductions for Small Business Owners

With owning your own business, there are a lot of things that you need to keep track of. What your business expenses are, the taxes you need to pay in, your entire inventory, and payroll all need to be watched carefully. Here are some deductions that you can consider adding in order to save on your taxes.

  • Office Space. If you are looking to use shared workspaces Oklahoma City OK, you can actually use some of that as a deduction to make your costs a little bit lower.
  • Computer supplies and software. Do you subscribe to a software service? Did you have to buy a printer or copier? These can also qualify for deductions.
  • Cost of driving. Do you travel a lot? Mileage on your car, gas, and maintenance can qualify for partial deductions.
  • If someone owes you money or stifled your for goods (not services, only tangible items are included here), you can deduct them as long as you have proof.
  • If you take out a potential business partner, or host a party for people who have contributed to your business, you may be able to take a little bit off for that. Always keep your receipts!
  • If you finance your business, using credit, the interest is fully tax-deductable.
  • Moving expenses. Did you have to move to start your business? Then you may be able to deduct some of your costs from moving.
  • You can deduct taxes on your taxes! Sales tax on items purchased, state tax on gas, real estate taxes for where your business is, and other business-related taxes have the potential to be deducted.

Always confer with a professional when it comes to your small business taxes. You may miss things if you don’t, and the chances of being audited are greatly decreased if a professional helps you out.