There are many overlooked tax deductions that the small business owner may take advantage of. Here’s a brief breakdown of commonly missed tax breaks.
- Equipment pieces for your business (purchases like 3D printers and industrial kitchen supplies) are deductible up to $500,000. You can also potentially deduct the amount the equipment depreciated in value during the first year that you owned the item.
- You are able to deduct the fees for online services that you use to run your business. This would include services like online bookkeeping, or a Dropbox subscription.
- Taxes such as sales tax, employment tax, and real estate tax may qualify as deductions for your small business.
Talk to your CPA to see if there are any overlooked tax deductions particular to your type of business that may not be listed here.