As a business owner, tax deductions you didn’t know aboutcan literally cost you money. These deductions can help you keep more money in your company’s bank account and lower your overall tax bill. Businesses that file their own taxes are more likely to overlook these money-saving deductions. Here are some tax deductions you didn’t know aboutthat you might be missing when you file your taxes.
Expenses for Advertising
Whether your business is an established company or a new venture, you’ve likely spent money to market your business, create your brand, and reach new customers. Money that you’ve spent designing a logo or brand name, hosting an event, or running ads on social media are all tax-deductible.
The Cost of Business Meals
The rules regarding the tax-deductibility of meals for companies and businesses have changed in recent years. As of the 2021 tax year, business meals are fully deductible for the next two years. If you’ve taking prospective clients to meals or ordering meals for your employees, save these receipts so you don’t miss a valuable deduction.
When you save the receipt, consider making a note on or with the receipt that states how the meal was business-related. Include what matters you discussed with the client or why you purchased a meal for your employees.
Ever-changing rules involving certain tax deductions are an important reason to work with a CPA in Dallas, Texas. A CPA firm will help you understand how changes in deduction guidelines impact you and recommend potential changes in your business model to ensure you still qualify for the deduction.
Bank Fees and Interest
Bank fees and interest are one of the lesser-known tax deductions you didn’t know about. If you’re paid third-party fees to process payments, pay monthly service charges, or have ever dealt with expensive overdraft charges, know that all these are tax-deductible.
Expenses Associated with Using Your Car for Business Matters
If you use your vehicle for business, your vehicle-related expenses are tax-deductible. Should you use your vehicle entirely for business, all of the costs associated with operating the vehicle are tax-deductible.
However, if you use your vehicle for personal matters, you may still deduct the costs related to using it for your business. A CPA in Dallas, Texas will run the numbers to see if it’s better to deduct your actual costs or take a fixed deduction for each mile that you drive.
Worried that you’re paying more in taxes because there are tax deductions you didn’t know about? Contact Gurian CPA firm for assistance with your taxes. We’ll make sure you take the tax deductions you’re entitled to and save your company time and money.
