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Guide to Business Tax Deductions
Maximize your tax savings by deducting all eligible business expenses- Reduce the time spent calculating deductions
- Be certain you're saving the proper receipts
- Be certain you're filing the proper forms
- Minimize the chances of an audit
Action Steps
The best contacts and resources to help you get it done
Check with the IRS
Go straight to the ultimate source for information on deductions you can claim on your federal business taxes.
I recommend:
The IRS Small Business and Self-Employed One-Stop Resource includes an overview of business expenses you can deduct. IRS Publication 535, updated each year, provides a detailed overview of deductions.
Use the proper forms
The forms on which you report your deductions depend on your company's legal structure: sole proprietorship, partnership, LLC or corporation. For instance, sole proprietors must file Schedule C or Schedule C-EZ of Form 1040; partnerships must file Form 1065; corporations must file Form 1120-A, 1120 or 1120-S; and home-based businesses must file Form 8829.
I recommend:
Find the proper forms for filing your business deductions at IRS.gov.
Know your home-based tax deductions
Businesses run from the home are eligible for a variety of deductions, including deductions for a home-office, cars, furniture, equipment, supplies, business travel and more.
I recommend:
Download an e-book on Home Business Tax Deductions or take a look at SmallBusinessBrief.com for 10 deductions home-based businesses can claim.
Stay within the law
Don't tempt fate by overstating deductions or attempting to claim a deduction for expenses that aren't allowable.
I recommend:
Complete Tax provides a list of common business deductions as well as a list of nondeductible expenses. Bankrate.com offers a list of a dozen deductions you might forget about.
Get tech help
Business tax software programs can help guide you through the process of recording and reporting deductions.
I recommend:
Ask which software program your accountant or CPA recommends or check out one of the leading software programs, Turbo Tax, which also features a Deduction Finder to help you zero in on deductions you may have forgot.
Hire a professional
Running a business 24/7 doesn't leave a lot of downtime for learning about tax deductions. To make sure you're taking advantage of all the deductions you're entitled to and that you're reporting them correctly, get help from a CPA or an accountant.
I recommend:
Find seven tips for hiring a tax pro from Microsoft Small Business Center and search for a qualified professional at Accountants World or the CPA Directory.
Tips & Tactics
Helpful advice for making the most of this Guide- Keep accurate records of all purchases and expenditures throughout the year; when it's time to file your tax return, you'll be ready.
- Be careful not to spend limited resources just because it's deductible. You don't want to end up with stuff you don't really need. Keep the cash instead.
- Make sure you file all of your tax forms on time.
