Tax Write Off List
It's a Big List
At Pathfinder Business Strategies, we have identified more than 300 tax write offs that are possible to lower the tax bill for your small business. For many small business owners, it isn't possible to take of them. With that in mind, here is a list of the more common tax write offs that you should be sure you are taking if they apply to you.
- Cost of Goods Sold -- the costs for products and raw materials, including shipping
- Labor costs for workers who make your products
- Factory overhead expenses
- Product storage costs
- Capital Expenses
- Business Use of Your Home
- Business Use of Your Car
- Employees' pay
- Union Dues
- Retirement plans (for you and your employees)
- Rental expenses
- Interest
- Taxes (some)
- Insurance
- Advertising
- Stationery and supplies
- Student loan interest
- Half of the self-employment tax paid
- Self-employed health insurance premiums
- Penalty on early withdrawal of savings
- Alimony paid, but not child support
- Medical transportation expenses including tolls, parking, and mileage for trips to health facilities, doctor's offices, laboratories, etc.
- Nursing home expenses that are primarily for medical care
- Medical aids such as crutches, canes, and orthopedic shoes
- Hearing aids, eye glasses, and contact lenses
- Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays
- Equipment for disabled or handicapped individuals
- Part of the life-care fee paid to a retirement home designated for medical care
- The cost of alcohol and drug abuse and certain smoking-cessation treatments
- Special school costs for mentally or physically handicapped individuals
- Wages for nursing services
- State income taxes owed from a prior year and paid in the tax year
- Personal property taxes on cars, boats, etc.
- Taxes paid to a foreign government
- Mandatory contributions to state disability funds
- Points paid on mortgage or refinancing
- General sales tax deduction (including tax paid on large items such as cars or boats) in lieu of the income tax deduction
- Cash and noncash contributions to a qualified charity
- Mileage incurred in performing charitable activities
- General casualty and theft losses in excess of $100 and totaling more than 10% of adjusted gross income
- Education expenses you paid to maintain or improve job skills
- A handicapped individual's work-related expenses
- Professional journals, magazines, and newspapers that are job-related
- Cost of safe deposit box used for investments or business
- Seeing-eye dogs for the handicapped or guard dogs for a business
- Required uniforms and work clothes not suitable for street wear
- Employment agency fees or commissions in certain cases
- Home office expenses, if for your primary place of business
- Job-seeking expenses within your present field of employment
- Reservist and National Guard overnight travel expenses
- Dues to professional organizations
- Business gifts up to $25 per customer or client
- Your moving expenses
- Business expenses including travel, meals, lodging, and entertainment not reimbursed by your employer
- Cleaning and laundering services while traveling for business
- Tools for use at your job
- Cellular phones required for business
- Worthless stock or securities
- Commission to brokers or agents for the sale of property or property management
- Fees for tax preparation or advice
- Legal fees to collect taxable alimony or Social Security
- Hobby expenses to the extent of hobby income you included in gross income
- Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work
- Gambling losses to the extent of your gambling winnings
Take some time to go through this list and see if any of these expenses apply to the running of your business. If it is a legitimate business expense, and you aren't claiming it as a tax write off, you could be drastically overpaying your taxes. If you would like to pay less tax and protect your assets from lawsuits, sign up below for a free consultation with a trained tax professional. They will go over your individual situation and help you identify the tax write offs that you could be taking to lower your tax bill by thousands of dollars every year! Stop handing your money over to the IRS!
To learn more tax saving strategies, please see our Tax Write Offs page.
Signup to Learn Valuable Tax Relief Strategies!