Tax season is approaching!

What a lot of people don't know is that as a home based business owner, we are able to use things as tax deductions that most people are not able to use. For instance, did you know that if you have a home based business that requires a monthly fee that you can claim that on your taxes? Got a cell phone that you run your business on? Tax deduction! Any business travel that you've taken? Tax deduction! Did you buy furniture for your business/office? Yep, you guessed it. Tax deduction!

With tax season coming up, I created this list of tax deductions for all you home based business owners. Be sure to start gathering all your receipts that you will need for your taxes!!

Accounting fees
Advertising
Amortization
Auto expenses
Bad debts that you cannot collect
Banking fees
Board meetings
Building repairs and maintenance
Business association membership dues
Business travel
Cafeteria health-insurance plan (requires plan)
Charitable deductions made for a business purpose
Cleaning/janitorial services
Collection Expenses
Commissions to outside parties
Computers and tech supplies
Consulting fees
Continuing education for yourself to maintain licensing and improve skills
Conventions and trade shows
Costs of goods sold
Credit card convenience fees
Depreciation
Dining during business travel
Discounts to customers
Education and training for employees (new)
Employee wages
Entertainment for customers and clients
Equipment
Equipment repairs
Exhibits for publicity
Family members' wages
Franchise fees (new)
Freight or shipping costs
Furniture or fixtures
Gifts for customers ($25 deduction limit for each)
Group insurance (if qualifying)
Health insurance
Home office
Interest
Internet hosting and services
Investment advice and fees
Legal fees
License fees
Losses due to theft
Management fees
Materials
Maintenance
Medical expenses (with plan)
Mortgage interest on business property
Moving
Newspapers and magazines
Office supplies and expenses
Outside services
Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
Parking and tolls
Pension plans
Postage
Publicity
Prizes for contests
Real estate-related expenses
Rebates on sales
Rent
Research and development
Retirement plans
Royalties
Safe-deposit box
Safe
Software and online services
Storage rental
Subcontractors
Taxes
Telephone
Utilities
Website design
Workers' compensation insurance


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