Some key deductions to consider when you are a small business owner are the home office deduction, vehicle, mileage and travel expenses, rent and utilities as well as office supplies or equipment. Business insurance premiums for general liability insurance, professional liability insurance and workers compensation are also tax deductible.
If you are self-employed, health insurance premiums may be deductible for you. If you have employees, you can deduct their sales, wages and cost of employee benefits. Other deductions include professional and legal fees, retirement contributions, interest on business loans and continuing education and training courses. Marketing can also be deductible as well as depreciation on certain machinery, vehicles and office furniture.
As a small business owner, it is always best to analyze your business and specific situation to ensure all allowable deductions are taken advantage of and to ensure you are making the right tax choices for you!
If you have any questions about the topic discussed in this article, or any tax matter, please give us a call at Bononi & Company in Greensburg, PA at 724-832-2499.