Write-Offs! Your Hidden Deductions

Right off the back, as small business owners, we LIKE write-offs.  We like having certain purchases we can count on as being business expenses.  But let’s be honest with each other.  We don’t know them all and whether we have a CPA or not, we need to know what we can deduct and what we can’t.  We  think we know some of the major deductions we can make.  For instances, if we’re at lunch and business is brought up, that can be written off, right? And gas driving to a meeting or a client’s location can be a deduction.  Even all those supplies we try to get at a bargain on are all write offs (Staples is like our candy store, we can spend ALL day shopping knowing we don’t really need a thing in there… except for the pens and pads we came for).  But are we neglecting or missing vital write-offs and don’t know it?

Let’s look at some possible business write-offs we may not have known about:

  • Bad debts we cannot collect on
  • Pension Plans
  • Home Office
  • Research and Development
  • Consulting Fees
  • Safe Deposit Box
  • Banking Fees
  • Moving Fees
  • Retirement Plans
  • Postage
  • Business Association Membership Fees
  • Charitable Deductions made for a business purpose
  • Cleaning services
  • Rebates on sales
  • Prizes for contests
  • Commissions to third parties
  • Education and Training for new employees
  • Medical Expenses along as there is a insurance plan in place
  • Depreciation
  • Entertainment for customers and clients
  • Gifts for customers (but there’s a $25 limit)
  • Discounts to customers
  • If we, the owner, continues your education or gets special training for a license or improve our skills
  • Board Meetings
  • Storage Rental
  • Newspapers and Magazine subscriptions

Some of these you might have known about, others may be not.  As the end of the third quarter approaches,  you might want to give a another look over your books.  Everything might not be a deduction, but it never hurts to check.

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One thought on “Write-Offs! Your Hidden Deductions

  1. Very timely and useful information. Thanks Intel Boutique!

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