A SMALL BUSINESS OWNER’S GUIDE TO BUSINESS EXPENSES

What do printer ink, client lunches, and shipping costs all have in common? They're business expenses—the costs incurred while operating your business. And, as long as you run a for-profit company, you can deduct many of these expenses from your taxable income to help your business's finances at tax time.

What Can Be Written Off as a Business Expense?

Here's a list of common deductions that business owners make in any given tax year:

➡️ Internet, phone and software

➡️ Office space and related utilities (including home offices)

➡️ Office expenses (e.g., paper and printer ink)

➡️ Equipment (from computers to specialized tools and machinery)

➡️ Payment to employees and independent contractors

➡️ Employee training and education (including subscriptions and publications)

➡️ Credit card processing fees

➡️ Business travel and vehicle use

➡️ Business meals (50% can be deducted)

➡️ Advertising and marketing

➡️ Interest payments

➡️ Business insurance coverage

➡️ Retirement plans and other benefits

➡️ Taxes (real estate taxes, payroll/self-employment taxes, etc.) 

This document is designed for general information only. The information presented on this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:
📧kevin@kmckernan.com or 📞718-317-5007