Top 30 Overlooked Tax Deductions

3 Mar

tax-468440_640We are in the heart of tax season and whether you are an enterprise-level, small business or somewhere in between, you are most likely hoping to get the most savings as possible. Often businesses do not think they qualify for deductions or are unaware of the possibility of savings. We culminated the top tax deductions that companies should consult their accountant or CPA about to maximize their savings and increase their bank account.

As tax season approaches, businesses should be reminding themselves to think about their Adjusted Gross Income throughout the year. Consider any and all business expenses for tax reasons. The more tracking of expenses they do throughout the year, the better.

If you did not track your expenses well enough over the past year, it is the perfect time to start now. You will need to keep all of your receipts for proper deductions.

Here is our list of the most overlooked tax deductions:

  1. Contributions to Profit-Sharing or Pension Plans
  2. Energy Investment Tax Credits for Owned and Rented Space
  3. Home Office Deduction
  4. Office Supplies
  5. Bad Business Debt (if the amount owed was previously included in gross income)
  6. Business Travel Expenses
  7. Charitable Contributions above $250
  8. Start-Up Expenses up to $5,000
  9. Inventory (if the company uses the cash method of accounting and considers inventory items as supplies)
  10. Accounting Fees for Preparation of Taxes
  11. Software
  12. Furniture
  13. Office Equipment
  14. Advertising and Marketing (directly related to the business)
  15. Auto Maintenance and Mileage
  16. Utilities
  17. Employee Education
  18. Banking Fees
  19. Cleaning and Janitorial Services
  20. Gifts for Customers ($25 deduction limit)
  21. Health Insurance
  22. Employee Wages
  23. Moving Expenses
  24. Workers’ Compensation Insurance
  25. Parking Fees
  26. Losses Due to Theft
  27. Internet Service
  28. Management Fees
  29. Credit Card Convenience Fees
  30. Business Association Membership Fees

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