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Tax Deductions Every Small Business Owner Should Know About

The Harding Group Tax Deductions

Applicable tax deductions are important knowledge for small business owners because they make a big difference in your bottom line.

Many small business owners dread tax time, as it means looking through all of their receipts and trying to determine whether or not they can claim any tax deductions from them. This process can be incredibly confusing, and many businesses deduct less than they can because they are unsure of whether or not they’re eligible. At The Harding Group, we specialize in working with business owners like you to make sure you get the deductions you deserve. 

Work-Related Travel

Is travel a key component of your business? If you are like many small business owners, the answer is yes. Any expenses that are related to your business travels, including hotel costs, rental car expenses, airfare, and meals, can be considered tax deductions providing that you keep the correct documentation. In order to be eligible, you must be traveling away from where your company normally conducts business, be gone for at least a day, and be completing necessary travel.

Business Insurance

Insurance costs are also common tax deductions that small business owners forget to take. If you have business insurance, it is considered deductible. Do you work at a home office? Keep track of how much square footage you dedicate solely to the business, and you will be able to deduct the proportional amount of renters insurance.

Office Supplies

Do you use things like copy paper, ink, pens, computers, and other office supplies to get the job done? These are all tax deductions too! Providing that you are using the office supplies that you purchase within the tax year they were purchased, they are considered deductible. As always, you need to keep your receipt.

Phone and Internet Expenses

If you are like most businesses today, phone and internet expenses are essential to keeping your business running day after day. The good news is that your phone and internet expenses are also tax deductions. Make sure that you keep track of what percentage of time you are spending using them for personal use versus using them for business. If you only use your internet at home 50% of the day for business, you will only be able to deduct 50% of your expenses.

Claim Your Small Business Owner Tax Deductions with The Harding Group

Unlike other accounting firms, The Harding Group will never charge you for consultations and strive for open communication with our clients. We serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time as a small business owner, contact us online or give us a call at (410) 573-9991 for a free consultation. Follow us on Facebook, Twitter, YouTube, and LinkedIn for more tax tips.

This entry was posted on Friday, October 14th, 2022 at 10:22 am. Both comments and pings are currently closed.

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