{"id":11664,"date":"2024-02-11T12:33:59","date_gmt":"2024-02-11T19:33:59","guid":{"rendered":"https:\/\/www.signs.com\/blog\/?p=11664"},"modified":"2024-10-04T14:43:03","modified_gmt":"2024-10-04T20:43:03","slug":"a-quick-guide-to-small-business-tax-write-offs","status":"publish","type":"post","link":"https:\/\/www.signs.com\/blog\/a-quick-guide-to-small-business-tax-write-offs\/","title":{"rendered":"A Quick Guide to Small Business Tax Write-Offs"},"content":{"rendered":"<p dir=\"ltr\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-11672\" src=\"https:\/\/www.signs.com\/blog\/wp-content\/uploads\/2014\/02\/Taxes_Write-offs-Header-e1392146326833.jpg\" alt=\"smb tax write offs feature\" width=\"558\" height=\"268\" \/><\/p>\n<p dir=\"ltr\">There are numerous tax-related terms and rules that a small business owner needs to know, whether they\u2019re doing their <a href=\"https:\/\/www.signs.com\/blog\/small-business-taxes-to-hire-or-not-to-hire\/\">own taxes or hiring out<\/a>. Knowing what a write-off or tax deduction is and knowing what items a business can and can\u2019t write off are important things on that list to remember.<!--more--><\/p>\n<p dir=\"ltr\"><strong>What is a Tax Write-Off or Tax Deduction?<\/strong><\/p>\n<p>A tax write-off or tax deduction is a legitimate expense that one can deduct from their taxable income on their tax return. The<a href=\"http:\/\/www.irs.gov\/Businesses\/Small-Businesses-&amp;-Self-Employed\/Deducting-Business-Expenses\"> IRS<\/a> says that an expense must be ordinary and necessary in order to be deducted. It\u2019s good to know what you can and can\u2019t write off because it ultimately saves you money. These write-offs can add up to a substantial reduction in the sum of taxes you may have to pay the IRS. If you don\u2019t know what these are and don\u2019t take every write-off that your business is entitled to, then you\u2019ll end up overpaying on your taxes.<\/p>\n<p dir=\"ltr\">As with anything government related you want to be extremely careful when making your decisions. Tax write-offs are great, but there are laws and penalties surrounding them to watch out for. Tax write-offs are not simply a catch all category to stuff \u201cexpenses\u201d into to get out of paying taxes. A small business could commit tax evasion in multiple ways, such as improperly claiming tax deductions by taking unauthorized tax deductions for personal expenses on your business tax return or falsely claiming charitable deductions. This is seen as cheating on your taxes, which is a felony. If found guilty, you could face up to five years in prison and have to pay up to $250,000 in fines, as well as paying the correct amount of taxes owed and your legal fees.<\/p>\n<p dir=\"ltr\">Below is a list of common small business write offs and things that aren\u2019t actually considered a write-off for SMBs. Use this as a jumping-off point to find out the exact rules of what you can and can\u2019t write off for your small business, including considerations around the <a href=\"https:\/\/legaltemplates.net\/resources\/business\/independent-contractor-vs-employee\/\" target=\"_blank\" rel=\"noopener\">independent contractor versus employee<\/a> classifications.<\/p>\n<p><strong>What SMBs Can Write Off:<\/strong><\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Accounting services<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Advertising and promotion<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Auto and truck expenses<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Bank service charges<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Business gifts<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Business-related training sessions and seminars<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Casualty and theft losses<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Certain bad debts<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Certain charitable contributions<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Child labor<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Consulting fees<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Contract labor<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Educational expenses<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Equipment rent or lease<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Freight and delivery charges<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Guard dog (If the dog is on site protecting your inventory, the costs to keep and maintain it can be deducted.)<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Health care costs<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Home office deductions<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Hiring a lawyer for a criminal issue related to your business<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Incidentals on a business trip<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Installing an athletic facility (as long as the employer runs it, it\u2019s on the business\u2019 premises and is mostly used by employees)<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Insurance expenses \u2014 building, equipment, liability, workman\u2019s compensation, E&amp;O Insurance<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Interest expenses<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Internet<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Janitorial<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Licenses and regulatory fees<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Marketing expenses<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Meals and entertainment (as long as it\u2019s directly related to the conduct of your business)<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Moving expenses (if you had to move because of your job)<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Music, stereo equipment (if you play soft background music to help employees be productive and\/or to make a creative, comfortable work environment)<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Office supplies<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Outplacement services for your employees<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Payroll processing<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Penalties and fines paid for late performance or nonperformance of contracts<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Permits and fees<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Postage<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Professional fees<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Recruiting expenses<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Rent expenses<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Repairs and maintenance<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Retirement contributions and plans<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Salaries and wages<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Smartphones and tablets<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Social Security<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Software expenses<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Subscriptions<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Taxes \u2014 payroll; local, city and country property taxes; foreign taxes paid<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Telephone charges<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Travel expenses (related to the conduct and operation of your business)<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Uniforms<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Utilities<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Waste removal\/trash<\/p>\n<\/li>\n<\/ul>\n<p><strong>What SMBs Can\u2019t Write Off:<\/strong><\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\">A small business loan (But what you purchase with the loan can be written off.)<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Business attire that can double as street or evening attire<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Charitable contributions of your time<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Dues you pay to be a member of something, even if your membership is for business<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Federal income tax payments<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Life and disability insurance premiums paid for yourself if you\u2019re a sole proprietorship, partnership or S Corporation<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Lobbying expenses<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Penalties and fines you pay when breaking the law<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Political contributions<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Professional accreditation fees<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">The salary you pay yourself as a sole proprietor<\/p>\n<\/li>\n<\/ul>\n<p>As a small business owner, something you need to think about besides what you can and can\u2019t deduct is the chance of being audited by the IRS. When filing an individual income tax return, there\u2019s only about a 1 percent chance of being audited. But as a business your chances increase, and<a href=\"http:\/\/smallbusiness.foxbusiness.com\/finance-accounting\/2014\/01\/31\/will-your-business-return-be-audited\/\" target=\"_blank\" rel=\"noopener\"> your chances of being audited increase<\/a> even more as your business generates more income.<\/p>\n<p dir=\"ltr\">There are a few things that can prompt the IRS to further investigate and audit your business: accounting irregularities, failure to report all of your income, inadequate record keeping and improper claims for deductions. If for some chance you<a href=\"http:\/\/definitions.uslegal.com\/i\/irs-audits\/\" target=\"_blank\" rel=\"noopener\"> find your business being audited<\/a>, don\u2019t stress. Just make sure you\u2019ve maintained good record keeping, and remember to be completely honest and cooperative with the IRS agent. A perk of being audited is that if you come across any deductions you forgot to take, you can take them during your audit.<\/p>\n<p>The bottom line is that just like when you file an individual tax return the utmost care should be taken in claiming only the deductions you can legitimately claim for your small business. While no one likes to pay taxes they are one of the constants of life and it\u2019s much easier to do them correctly the first time then stress over them later. If you\u2019re not sure about which deductions you can take as a small business do plenty of research, reach out to certified accountants you may know or consider hiring someone to do your taxes to eliminate the risk of doing them incorrectly.<\/p>\n<p><em>*We\u2019re signage and not tax experts. Thus, this was written solely to provide helpful information and a starting point for small business owners. We won\u2019t be held liable for any person or business\u2019 actions taken after reading this information. If you\u2019re unsure of how to proceed we recommended contacting a tax professional before filing your taxes.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are numerous tax-related terms and rules that a small business owner needs to know, whether they\u2019re doing their own taxes or hiring out. Knowing what a write-off or tax deduction is and knowing what items a business can and can\u2019t write off are important things on that list to remember.<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5],"tags":[401],"class_list":["post-11664","post","type-post","status-publish","format-standard","hentry","category-small-business","tag-taxes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>List of Small Business Tax Write-Offs &amp; Deductions | Signs.com<\/title>\n<meta name=\"description\" content=\"Use this quick guide as a starting point to find out whether you can or can&#039;t write off that business expense as a legitimate business tax write-off.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.signs.com\/blog\/a-quick-guide-to-small-business-tax-write-offs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"List of Small Business Tax Write-Offs &amp; Deductions | Signs.com\" \/>\n<meta property=\"og:description\" content=\"Use this quick guide as a starting point to find out whether you can or can&#039;t write off that business expense as a legitimate business tax write-off.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.signs.com\/blog\/a-quick-guide-to-small-business-tax-write-offs\/\" \/>\n<meta property=\"og:site_name\" content=\"Signs.com Blog\" \/>\n<meta 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