You can write off your cell phone or landline use as long as you use your phone for business purposes. These can include air travel, business lodging, meals, entertainment, parking fees, car rentals, and gas. You can deduct 100% of your business and travel expenses. Business-related subscriptions and computer programs.Office furniture (desk, chair, shelving, drawers, etc.).Office SuppliesĪll the equipment, tools, and supplies needed to run your business are deductible. Make sure to keep all receipts and documents related to working in your home office. This deduction will allow you to claim expenses associated with the upkeep of your home office, including a portion of your home utilities, Wi-Fi, repairs, home insurance, etc. If you work from home, you can apply this deduction toward your taxes. Use this tax deduction cheat sheet of 15 ways to shave money off your tax bill: Most of these tax deductions can apply whether you’re a startup or have been in business for a number of years. You might be a business owner wondering, “ How can I legally reduce my taxes?” There are several legitimate ways a business can utilize deductions to lessen its tax liability and keep more profits. Which Should I Choose: Sole Proprietorship or LLC?ġ5 Tax Deductions for Your LLC or Startup.Liability Differences Between Sole Proprietorships and LLCs.Maximize Your Deductions With a Tax Specialist.7 Tax Mistakes to Avoid This Tax Season.15 Tax Deductions for Your LLC or Startup.
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