Claim Your Business Deductions

Deduct, Reduce, Reuse

You’ve probably heard it said you have to spend money to make money. If you own a business, or work in certain professions, you know this saying is true; you have a myriad of expenses that come with performing your job. The good news is, you may be able to deduct many of them and reduce your tax liability. The more deductions you are eligible for, the lower your tax bill will be, which means you’ll be able to keep more of your money!

What is a Business Deduction?

The IRS allows you to subtract some business expenses from your Adjusted Gross Income (AGI) in order to bring down your taxable income, typically decreasing the amount you owe. Qualified business deductions vary by profession, but generally include things which are necessary and/or directly related to running your business and are of a practical amount. These may include:

Startup Costs
Employee Salaries, Wages, and Benefits
Office Supplies
Advertising and Marketing Costs
Tools and Equipment
Vehicles and Mileage
And More

Business Deduction Forms

Tracking your expenses as they occur will not only make tax planning and tax preparation easier, it will help you identify areas where you can make adjustments to improve your bottom line. Below you’ll find a collection of documents (organized by profession) which will help you calculate your eligible work expenses.