There are considerable Items you may be able to Legally Deduct From Your Taxes. You may be wondering how to legally deduct certain items from your taxes.
There are some smart ways you may deduct some expenses and fees on your tax return. Find the list below:
1. Accounting fees
2. Advertising
3. Amortization
4. Auto expenses
5. Bad debts that you cannot collect
6. Banking fees
7. Board meetings
8. Building repairs and maintenance
9. Business association membership dues
10. Business travel
11. Cafeteria health-insurance plan (requires plan)
12. Charitable deductions made for a business purpose
13. Cleaning/janitorial services
14. Collection Expenses
15. Commissions to outside parties
16. Computers and tech supplies
17. Consulting fees
18. Continuing education for yourself to maintain licensing and improve skills
19. Conventions and trade shows
20. Costs of goods sold
21. Credit card convenience fees
22. Depreciation
23. Dining during business travel
24. Discounts to customers
25. Education and training for employees
26. Employee wages
27. Entertainment for customers and clients
28. Equipment
29. Equipment repairs
30. Exhibits for publicity
31. Family members’ wages
32. Franchise fees
33. Freight or shipping costs
34. Furniture or fixtures
35. Gifts for customers ($25 deduction limit for each)
36. Group insurance (if qualifying)
37. Health insurance
38. Home office
39. Interest
40. Internet hosting and services
41. Investment advice and fees
42. Legal fees
43. License fees
44. Losses due to theft
45. Management fees
46. Materials
47. Maintenance
48. Medical expenses (with plan)
49. Mortgage interest on business property
50. Moving
51. Newspapers and magazines
52. Office supplies and expenses
53. Outside services
54. Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
55. Parking and tolls
56. Pension plans
57. Postage
58. Publicity
59. Prizes for contests
60. Real estate-related expenses
61. Rebates on sales
62. Rent
63. Research and development
64. Retirement plans
65. Royalties
66. Safe-deposit box
67. Safe
68. Software and online services
69. Storage rental
70. Subcontractors
Winner R.
July 5 at 4:13 am
Thanks for this information. this list is going to help me cut down tax cost.
Joel
July 5 at 4:14 am
I have been using safe deposit box and it has really been helpful.