What Tax Deductions Can I Claim For Small Business

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When it comes to taxes and small business expenses, the general rule is that if it’s related to earning money for your business, you can claim it at tax time. "If you need it to do business, deduct it, but don’t try to stretch the rules," says Toronto accountant Larry West.

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How to Claim Home Office or Small Business Tax Deductions – Here are some tips and considerations for claiming the home office tax deduction for your small business in 2014. Who Can Claim the Home Office Tax Deduction in 2013? Not all home business owners qualify for the deduction. The IRS requires that home offices must meet the following criteria: You must use your home exclusively and regularly:

Allowable deductions for small businesses. business premises expenses, including land tax, rates and water usage, and rent or lease expenses. Small businesses can claim depreciation on capital expenses over time (larger expenses with a longer life or relating to establishing, replacing, enlarging or improving the structure of a business).

Top Tax Deductions for Small Business. 4. Supplies. The cost of items used in a business (e.g., cleaning supplies for a cleaning service) as well as postage are fully deductible business expenses. Also, if you opt to use a de minimis safe harbor allowing you to deduct the cost of tangible property (e.g., tablets,

1. Health Care Tax Credit. If you provide insurance to your employees, under The Affordable Care Act eligible small businesses can claim a tax credit of up to 35%, if you meet the following criteria: You have fewer than 25 full-time equivalent employees. Your average annual wages paid out are below $50,000.

If your business increased its expenditures on research and development in 2009, you may be able to claim a tax credit for some of those expenses. Self-employeds’ health insurance.

Small businesses in the U.S. are fortunate to have plenty of possible tax deductions to save money where they can. Check out these 92 deductions you may be able to take advantage of in 2018 (+11 you should NEVER try).

New Equipment – Businesses that buy new equipment can claim all or some of these purchases as small-business expenses. And potential changes to the Bonus Depreciation tax break mean that business owners may be able to claim up to 50 percent of allowable depreciation immediately, instead of spreading it out over time.