Small business can enjoy a lot of tax deductions. Following is the list of tax deductions that a business can enjoy:
- If you are paying employee’s wage in form of cash or property, you can claim a tax deduction
- If you are a manufacturing business, then you can get deductions on the cost of goods sold
- If you are providing your employees with health benefits, educational assistance or any other non-monetary benefit, you can enjoy tax deductions.
- You can get benefit of Auto-Maintenance and mileage; there are two ways to calculate vehicle deductions: standard mileage rate or actual expenses such as gas and maintenance.
- The water, power, trash, and telephone bills at your office are all 100 percent deductible as regular business expenses. If you have a phone line that has a mix of business and personal calls, highlight the business calls and deduct only the business related portion of the bill.
- Business can deduct the cost of ordinary advertising such as business card purchases, yellow page ads, brochures etc. Expense of promotion costs for good publicity is also deductible.
- If a business purchases property, then divide the cost along a time span of more than a year.
- The records of pens, papers, staples and other stationary items must be kept.
- Amount paid to consultants and lawyers can also be deducted.
- Most of the travel expenses are deductible; the expenses such as hotel rents, airfare and other road expenses include the amounts that can be deductable.
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