Small Business Tax Deductions You Should Remember to Claim

Small Business Tax Deductions You Should Rememberto ClaimAre you a small business owner who is planning onpreparing your own taxes this year? If you are,you may want to know about the business deductionsthat you can claim. You may be happy to know thatthere are a number of deductions that you may beeligible for. Just a few of those deductions aretouched on below.Your commercial space can be used as a tax

deduction or a business expense. What is niceabout this type of deduction, it that it can beused a number of different ways. For instance, ifyou are a small business owner who operates anonline business, you may actually work from yourhome. If you do, you could actually calculate theamount of square footage that your business takesup and calculate rent for yourself; rent that istax deductible. The same can be done if you renta commercial building space from a commerciallandlord.The supplies that you need for your business canalso be considered tax deductible. For instance,if you run a pet grooming salon and you recentlydecided to update your equipment, you may be ableto write off the new equipment as a businessexpense; a business expense that is taxdeductible. When it comes to supplies that yourbusiness may need to survive, it can be anythingfrom a new computer, to computer paper, to pens,and a stapler. To save yourself the most money

on taxes this year, you will want to get as manytax deductions as you possibly can. Of course,you will want to do so legally though.In addition to the supplies that you may need torun your small business, the future that you needcan also be written off as a business expense. Inkeeping with the above mentioned example ofrunning a pet grooming business, if you run a petgrooming business, you may need to have an officedesk, office chairs, as well as lobby or waitingroom chairs. All of these furniture pieces andothers that may need to be purchased can beconsidered businesses expenses and can be writtenoff as deductions.The above mentioned small business expenses arejust a few of the many that can be written off,but they are some of the most obvious ones. Oneother expense that you may be able to receive atax deduction for is any insurance than needs tobe purchased. This can be looked at form a couple

of different perspectives. For instance, if youneed to buy your own health insurance coverage,the money spent on coverage can be deducted fromyour profits made. Also, if you run a businessthat requires you to be insured, like a petgrooming business or even a hair salon, the costof insurance coverage can also be considered adeductible business expense.As nice as it is to know what type of taxdeductions you may be able to claim or businessexpenses that you may be able to write off, it isimportant that you remember to save allapplicable documents and receipts. For instance,if you are going to list your new office desk asa business expense, you need to make sure that youhave proof that you actually bought it, when youbought it, and how much you paid for it. That iswhy it is extremely important that you keepaccurate business records, all year round, notjust at tax time.

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