If you’re a small business owner in the Metro Atlanta and Stone Mountain area, you know very well that every little deduction adds up when year-end tax time comes around. Here at NTRC Tax & Finance, we’re always looking for small business deductions that we can add to your tax return – especially when you do your taxes with us.

If you want to make the most out of your tax return and not miss any tax deductions, take a look at the following tips and get in touch with our team to get your tax return rolling.

Big Small Business Deductions You Don’t Want to Miss Out On

#1: Expenses You Might Not Think Of

Here are a few business expenses that you should consider – they might not all be immediately apparent, so take a look through the list and see if any apply to you:

  • Internet expenses
  • Cell and landline expenses
  • Office equipment like computers, monitors, printers, and more
  • A percentage deduction using the square footage of your home that you use for your business
  • 50% of any meals you may eat out with clients or business partners
  • Travel costs if you need to travel for work
  • Mileage and expenses to upkeep your vehicle used for work
  • Any licensing and training expenses
  • Advertising and marketing expenditures

And remember, you can deduct a percentage of any personal items you use for work, too. For example, if you purchase a laptop that’s used 50% for personal use and 50% for work use, you can deduct 50% of that equipment. Just be honest and prepared to prove that somehow, should you ever get audited.

#2: The 20% QBI Small Business Deductions

If you’ve never looked into the QBI deduction, it can be extremely helpful if you made a good amount of money this year. If you made less than $340,100 (joint) or $170,050 (other), you probably qualify. Was your income above this? Your deduction will be limited if you are in certain sectors involving services.

To learn more about the QBI deduction, check out the IRS article here: Qualified Business Income Deduction.

#3: Depreciation & Equipment

Also, remember that depreciation can be used as a deduction on things like vehicles you use for your business. Depreciation deductions reduce over time, so make sure to get them on your taxes the year you purchase the item. You can also deduct values for equipment used for your business – up to $1,080,000 (and up to your maximum income).

More Small Business Tax Tips: 5 Tax Tips & Tricks for Self-Employed Business Owners.

Don’t Want to Worry About Small Business Deductions? We’ve Got You Covered

Here at NTRC Tax & Finance, our team is highly-qualified and knowledgeable about small business taxes, whether you’re a sole proprietor or S-corporation. If doing your taxes seems too complicated this year, don’t hesitate to get in touch with our expert team; we’re ready to help you get your taxes done so you can move on to the more important things – like running your business!

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