Tax Planning Part 1

For the tax benefits alone, it’s worth starting a small business… regardless of the size or profit made in the first two years.

For this reason, we have created several items to help you identify some common business expenditures that are tax deductible and beneficial to your tax reduction plan so that you can maximize your deductible expenses and recognize the importance of a pre-tax plan. These items include the Business Tax Strategy Checklist, with both a list of deductions that can be taken and a list of deductible expenses/items.

As you look over the list(s), make note of things that you use/have access to that could be considered deductible expenses.

The Business Tax Strategy Checklist
Remember – things you own and do can become a deductible in a small business.

Potential Deductions include:
– Your automobile
– Your automobile expenses – gas, insurance, parking, & tolls
– Your interest on loans for automobile(s) and other assets
– Your home
– Your employees’ wages, even if your employees are your children/your spouse
– Your boat, motorhome, or airplane
– Your home computer
– Your domestic & foreign travel
– Your entertainment & restaurant expenses
– Your electronic device(s)
– Your books & subscriptions
– Your educational audio & video courses
– Your repairs to your automobile and/or other equipment
– Your utilities & telephone/cell phone bill(s)
– Your investment in a small-business retirement plan

Potential Deductible Expenses/Items include but are not limited to:
– Insurance and/or Service fees
– Books & other educational items
– Business creatives
– Office supplies and/or furnishings
– Taxes (Business, property, etc.)
– Rent
– Utilities (Gas, electric, etc.)
– Travel Expenses
– Trademarks & patents
– Business license(s)
– Vehicles
– Dues (Business associations, unions, etc.)
– Technology devices
– Commissions & other wages

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