 Tax HubWhat's deductible for small businesses?It can be hard to keep track of what you can and can’t deduct on your taxes when it comes to your business. Don’t let confusion ruin your day. Use this checklist to track the most common business deductions throughout the year, but keep in mind - this is not an exhaustive list of deductions, but keep in mind - this is not an exhaustive list of deductions, so if you're unsure about whether something qualifies, check with your Padgett advisor. Remember that for your business expense to be deemed deductible, it must be considered “ordinary” and “necessary” in the eyes of the IRS. According to the IRS, an ordinary expense is one that is common and accepted in your trade or business, while a necessary one is one that is appropriate and helpful for it. Also, a recommended best practice is to keep a separate bank account as well as a separate business credit card to track business income and expenses. Determining what qualifies as a deductible expense isn’t always straightforward. Padgett is here to help—contact your advisor for more guidance! Costs of Doing Business
Continuing Education
Maintenance, Rent & Utilities
Marketing & Advertising
Miscellaneous Taxes
Payroll & Labor
Travel & Transportation
Cost of Goods Sold
Keeping tab on your taxes and the various deductions can be challenging. If you need help, the Padgett network of CPAs, enrolled agents and tax professionals can manage your tax needs. |
Your Business Deduction Checklist
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