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Small Business Tax Deductions You Might Have Missed!

Topic: WorkingPoint News | Comments (4)

Posted on September 13, 2010 by admin

3rd Quarter Estimated Tax Payments for 2010 are due in just two days on September 15!  WorkingPoint’s Tax Reports are built to make it as easy as possible for you to calculate and pay your 3rd quarter estimated taxes, but an important part of the process is making sure you report an accurate picture of your business finances. I am lucky enough to have an amazing accountant who helps me review my deductions to make sure I am recording all of my business deductions and avoiding unnecessary overpayment, but if you are not so lucky the below list includes some great deductions that she mentioned that were not mentioned in other lists I came across!

Your Tax Reports are only as good as the data you put into them, so make sure to track your finances accurately all year round and check the list below to see if your business is eligible to deduct the following as business expenses.


Your Cellphone/Smart Phone: If you use your cellphone as your primary contact number for business then you should be able to deduct it as a business expense. Don’t forget to include the cost of the actual phone and any hardware, any applications for business you use on your phone and your monthly bill.

Public Transit Costs: If you use public transportation for travel, either individual transfers or bus passes 100% of the expense can be written off as a business expense (using a vehicle? the calculation is more complex and can be found here).

The Complete Cost of your Home Office: Which includes rent and also utilities like water and gas, data/wireless, insurance, housekeeping. Read more about how to calculate here.

Your Computer: Either the total sum in the year you purchased it or depreciation in the subsequent years…

Your Camera: Do you use your camera to take product pictures? What about a printer, fax, scanner? Big electronic purchases for work should also be considered for inclusion.

Travel expenses: Flight, hotel, taxis, some food while you’re traveling, wifi, make sure you keep an accurate count because almost all travel expenses are deductible.

Software for Business including Social Media, blogs, accounting, and your URL: Keep track of any software (including online) that you purchase for business, including services that track social media metrics, video recording if you use it for business, Microsoft office, etc. If you pay for anything hosted (including your accounting software, your email provider for business, your website host, premium wordpress membership, your domain name) all of these things may be deductible as business expenses!

Non Cash Deductions to Charity: If you gave an in kind donations to charity don’t forget to include them as well!

Other Recommended Reading:

31 Small Business Tax Deductions”  Gregory Go, American Express Open Forum

Small Business Tax Deduction Checklist”  Gilberto Fuentes, Ehow