Do you want to get out of debt and immediately start turning your liabilities into assets? Stop filling out W2 forms. Get an EIN# and start a small business! below is a list of potential deductions when you make this change in your life.
Potential Deductions
Medical InsuranceSub-contractors Employees Family employees Annual meetings/retreats Capital expenses Equipment and furniture Business development Business travel Business board meetings Educational related to job Legal and accounting fees Qualified pension plans Meals and entertainment Compensation and salaries Office rents-comm. lease Office utilities-comm. lease Office supplies Business gifts Automobile Insurance Property/casualty insurance Advertising and marketing Depreciation of capital assets Taxes-property , payroll taxes Repairs and maintenance Interest on loans Parking fees Postage and shipping Telephones/cell Banking fees Consulting fees Seminars/trade shows Office Expenses Research/Experimentation Professional dues Public service organ. dues Casualty and theft losses Employee discounts at costGood Records are Critical!!!
Not every tax deduction is a viable possibility for every business owner and must be carefully considered and
substantiated before being deducted on a tax return
Comments (1)
Michael, congratulations on posting your first post here on BiggerPockets. You're right -- there are many potential deductions as a business owner. So share with the BP community: what business(es) do you like to start?
Looking forward to your next post!
Kent Clothier, over 10 years ago