Ten Great Small Business Tax Deductions You May Not Be Using – Part Two
Last week we began our top ten list of small business tax deductions. Keep reading to find out five more.
6. Travel. When you travel for business, you may deducted plane fare, costs of operating your car, taxis, lodging, meals, shipping business materials, cleaning clothes, phone call, faxes, and tips. However, even if you take your family, you can only deduct your own expenses.
7. Interest. If you use a credit card or a personal loan to finance business purchases, the interest and carrying charges are deductible. Keep good records to show the money is being used for your business.
8. Charitable Contributions. If your business is a partnership, a limited liability company, or an S corporation, you can claim business donations on your individual tax return. If you own a C corporation, your business can deduct the charitable contributions.
9. Moving Expenses. If you must relocate due to your job, then you may be able to deduct certain moving costs (on your 1040 tax return). The new workplace must be at least 50 miles farther from your old home than your old workplace was and it must be demonstrated that you moved for work.
10. Advertising and Promotion. If your business pays for business cards, yellow page ads, and so on, you may be able to make some of that money back. Advertising and promotional costs are tax deductible.