Here are some routine deductions that many business owners miss. Keep your eye out for them.
- bank service charges
- business association dues
- business gifts (limited to $25 per recipient per year)
- business-related magazines, books & subscriptions
- casual labor and tips (make sure to issue a 1099-MISC if over $600 per recipient per year)
- casualty and theft losses
- coffee and beverage service for clients/customers
- commissions
- consultant fees
- credit bureau fees
- office supplies
- online computer & internet services related to business
- parking and meters
- petty cash expenses/payouts
- postage/shipping
- promotion and publicity
- seminars and trade shows
- taxi, train and bus fare
- telephone calls related to the business
- training related to business skills