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.

Small Business Owner Tax Deduction Ideas

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:
Want A Larger Tax Refund – Consider These Tax Deduction Tips
Tax Write Off Ideas for Saving Money To Get Out of Debt, Save For A Down Payment