Running your business can come with a lot of headaches and information to know, in addition to all the great things that come with it. A huge headache for all businesses both big and small are taxes. When it comes to filing and knowing the laws there is a lot to know, and although you may have an accountant, it is still a good idea to know these things. A critically important piece of tax information to be aware of is deductions. Deductions are expenses that the government will allow you to count against and reduce your taxable income. If you can keep up with your tax deductions as the year goes on, you may be able to save yourself some money and even get a refund when tax time comes. Here are a few business deductions to look out for as you are going about your business.

Of course you’ll want to run all of these by your tax accountant or tax filing software as they’re truly the experts, but knowing high level how common deductions work will help you be more prepared and organized, as well as save you time during tax filing.

Supplies for the Office

If you are running an office as your business, all of your office supplies are tax deductible. From paperclips to staples to paper to pens, you can write off these items on your taxes. Same goes for computer devices and tablets and all the goodies that come along with those. Everything you use is to make sure that your business runs smoothly and that you are able to perform the tasks that your business requires of you. Save all the receipts and keep a tight check on all of your inventory so that when you hand in your deductions to your accountant, you will have everything you need to help you out. 

Energy Write-Offs

There are write-offs for helping the planet and by conserving energy. If you are a business that runs out of a commercial space or if your business is running commercial buildings, you can get a deduction on your taxes through Section 179D. By investing in energy efficient tools and products, you can get a deduction on every square foot of energy that you use, which in the long run depending on how big your building is, becomes a great write off. Companies like https://tri-merit.com/section-179d/ can help you navigate this new tax rule and get you more money. A buddy of mine for example has solar panels on the top of his commercial building and got some nice tax write-offs in addition to saving on his electricity.

Entertainment Expenses

If your business requires that you take your clients out to meals or show them a great time while they are in town, you are in luck because you can write off some of these expenses. Most meals are able to be deducted up to 50% and food that you provide in-house for lunches or parties can sometimes be 100% deductible. Anytime you decide to entertain a client or throw a party for your staff, save all of those receipts so that you can see some money back from all of those good times. 

Write-off Your Car Expenses

If you use a car or any other kind of vehicle as part of your daily business deals, then you can write off those expenses for a certain amount of money per mile. Or, you can write off gasoline, repairs and miles traveled. In order to benefit from this tax deduction you must keep a detailed account of everything you do while you are conducting business. If that means you need to fill up or make repairs all because of your business, save those receipts so that you can file them with your taxes. 

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