There are many tax deductions available, but there are a few that are frequently overlooked by business owners. 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.