Even if summer is your slow season, it is important that you never lose sight of your eligible tax deductions. Below are common summer expenses many small business owners forget to track and deduct from their quarterly taxes.
Networking, Entertainment, And Charity Events
The warm Atlanta weather may have you signing up for networking events, charity fundraisers, and maybe even entertaining your clients outdoors. As long as business is discussed during the event, much of your non-luxury expenses, from 50 to 100 percent, can be deducted. This includes, but is not limited to:
- Working coffee, lunch, dinner, or drinks
- Business trips
- Charitable events
- Admission to networking events
- The expense of renting a space for business meetings, parties, and events
Trade Shows, Conventions, And Ongoing Training
Summer is also a popular time to attend trade shows, conventions, and ongoing training seminars and events. Some of these events are even in vacation-worthy locales, meaning you might want to bring the family. While you can write-off your portion of qualified expenses, you cannot deduct the costs for your entire family. If not you, send your team members. Expenses that can be deducted include:
- Flights
- Hotels
- Rental cars
- Parking
- Public transportation costs
- Dry cleaning during your stay
- A portion of meals and entertainment\
Summer Remodeling And Relocation
The warmer weather is often the perfect time to move your business to a more suitable location or schedule remodeling, especially if summer is your slow season. This includes, but is not limited to:
- Disability access renovations
- Building repairs and maintenance
- Cleaning and janitorial services
- New equipment, repairs or upgrades
- Storage rental
These are just a handful of the summer expenses that small business owners often forget they can deduct. While not all can be deducted 100 percent, every little bit adds up. Properly tracking these deductions is a must, which is why working with a tenured accounting team, such as NTRC, is necessary. Reach out today to discuss the best way to organize your year-round deductions.