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Top Tax Deductions For Your Small Business
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Page 6 of 6
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14. Advertising and Promotion
The cost of ordinary advertising of your goods or services -- business cards, yellow page ads, and so on -- is deductible as a current expense. Promotional costs that create business goodwill -- for example, sponsoring a peewee football team -- are also deductible as long as there is a clear connection between the sponsorship and your business. For example, naming the team the "Southwest Auto Parts Blues" or listing the business name in the program is evidence of the promotion effort.
| Easily Overlooked Business Expenses |
Here are some additional routine deductions that many business owners miss. Keep your eye out for them.
- audiotapes and videotapes related to business skills
- bank service charges
- business association dues
- business gifts
- business-related magazines and books
- casual labor and tips
- casualty and theft losses
- coffee and beverage service
- commissions
- consultant fees
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- credit bureau fees
- office supplies
- online computer services related to business
- parking and meters
- petty cash funds
- postage
- promotion and publicity
- seminars and trade shows
- taxi and bus fare
- telephone calls away from the business
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Note: Just because you didn't get a receipt doesn't mean you can't deduct the expense, so keep track of those small items.
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To learn all the ins and outs of the tax code and really start saving on your business taxes, get Tax Savvy for Small Business, by Frederick W. Daily (Nolo).
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