As a small business owner, you may already know that you're responsible for your own taxes. If you've been doing your own taxes, you could be missing deductions that could be lowering your tax bill. A lower tax bill means less money coming out of your pocket and going straight to Uncle Sam. This is why using a small business accounting service can come in handy. Read on for some tax deductions you may qualify for that you may not be aware of.
Meals you eat out with clients or to meet with prospective clients may be able to be deducted. If you're going out on these business meals a lot, you could be spending quite a bit. Get some of that money back by keeping track of these meals and holding onto your receipts. What cannot be deducted is your coffee run on your way to your client meeting.
Software And Business Programs
Programs or software you've purchased for your company can be deducted as well. This includes apps you've purchased for your business or even software subscriptions you may pay for monthly. Other expenses such as internet can also be deducted.
If you're continuing your education for your business, or going to seminars or conferences and you've had to pay for these, they can be deducted. Keep your receipts for these, as well as information of how it connects to your business when claiming these on your taxes. The books or other related expenses may also be able to be deducted from your taxes as well.
Advertising expenses for your business can also be deducted, and this includes advertising on social media. If you're paying monthly for an ad on a page such as Facebook, this can be deducted. Keep track of your advertising expenses, including expenses from flyers, business cards, stamps for mailed flyers and other forms of advertising may all be able to be claimed.
Traveling expenses such as hotel stays and mileage may all be able to be deducted as well. If you're traveling to meet with clients, or traveling for other business purposes, this may all be able to be deducted. Keep all of your receipts from your trip and talk to your accountant about what can be deducted.
If you aren't sure what you can claim for your small business, talk to a small business accounting service for help with your taxes for a lower tax bill.