Small Business Owner Tax Deduction Tips

Small business owners are constantly looking at their bottom line, especially in tough economic times where saving the smallest amount of money can make or break the budget. One place to take a long hard look at saving money is with your business tax return the the tax write offs available to you.

There are many tax deductions that small business owners can take advantage of and all it takes to start taking advantage of these items is to know about them. Once you know about them, it is recommended that you work with your tax preparation professional to find out how best take advantage of the tax deductions available to you as a small business owner.

• The cost associated with doing business like the cost of products, raw materials, and shipping - also known as Cost of Good Sold


• Worker Labor Costs associated with making your products


• Storage costs for your product


• Capital expenses


• Overhead from Factory


• Dues paid to your union


• Association membership fees


• Business Use for your home and car


• Retirement plan contributions for you and your employees


• A portion of the self-employment tax


• Office supplies like stationary


• Advertising and marketing expenses


• Insurances like Key man, renters, unemployment


• Penalties paid on early savings account withdrawals


• Charitable donations made to qualified charities


• Contributions that are manditory to a state disability fund


• Some education expenses required for professional license upkeep


• Cost of a safe deposit box used for business


• Fees paid to have taxes prepared


• Gifts given to business clients up to $25 per gift


• Mobile Phone expenses used for business


• Dry cleaning of business attire


• Under certain circumstances employment agency fees or commissions


• Business casualty and theft losses

This list is a brief list of items for you to consider as a small business owner as tax deductions for your business. Some of these might spill over into your personal tax return. Ensure that you speak with a tax professional to make sure that you are taking advantage of all the tax deductions available to you as a small business owner.

For additional tax deductions ideas please visit:

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Tax Write Off Ideas for Saving Money To Get Out of Debt, Save For A Down Payment