As the year is coming to a close, it’s always important to ensure every expense that can be deducted is. Most tax-deductible expenses are straightforward, however here is a list of some you may not have realized you could legally deduct from your taxes owed!

Advertising and Promotion

• Business cards

• Team sponsorships

• Your website (including startup and maintenance fees)

• Graphic design

• Workshops/webinars

• Postage and office supplies

Insurance

Do you have any kind of business insurance, like liability or malpractice? Your premiums are deductible.

Car and Truck Expenses

Understandably, you can only deduct expenses for miles driven for business purposes. If you have a vehicle—either owned or leased—that you also use for personal driving part of the time, you’ll need to track those two separately.

Professional and Legal Fees

If you pay an individual or firm for services provided to help you operate your business, those fees are often deductible. This includes lawyers, accountants, and tax preparers.

Conclusion

Keeping track of these business expenses is worth it to maximize your deductible, but they do require meticulous recordkeeping. Our office is available to assist you with best practices for tax planning and record keeping of your expenses. Call us at 402-932-8815 to schedule a time to go over your business tax plan.

Sincerely,

W.E. Stevens PC

Serving you through a thoughtful client experience, wise long-term perspective, and very experienced staff