It's tax time again and here are some items you can deduct in any given tax year:
- Internet, phone and software
- Office space and related utilities (including home offices)
- Office expenses (e.g., paper and printer ink)
- Equipment (from computers to specialized tools and machinery)
- Payment to employees and independent contractors
- Employee training and education (including subscriptions and publications)
- Credit card processing fees
- Business travel and vehicle use
- Business meals (50% can be deducted)
- Advertising and marketing
- Interest payments
- Business insurance coverage
- Retirement plans and other benefits
- Taxes (real estate taxes, payroll/self-employment taxes, etc.)
Ask your tax expert if you have other items to be considered.