Tax-deductible Business Expenses allowed by the United States of America
List of common tax-deductible business expenses allowed by the United States tax code up to my last knowledge update in September 2021. However, please note that tax laws can change, so it’s important to consult with a tax professional or refer to the latest IRS guidelines for the most up-to-date information.
Here’s a general list:
- Advertising and marketing expenses.
- Business-related travel expenses (including mileage, lodging, and meals).
- Office rent or lease payments.
- Utilities for your business location.
- Office supplies and equipment.
- Insurance premiums for business-related policies.
- Professional fees (e.g., legal, accounting, consulting).
- Depreciation of business assets.
- Home office expenses (if you qualify).
- Employee wages and benefits.
- Business-related education and training.
- Cost of goods sold (for inventory-based businesses).
- Repairs and maintenance for business property.
- Business-related software and subscriptions.
- Meals and entertainment expenses (subject to limits).
- Health insurance premiums for self-employed individuals.
- Business-related interest expenses.
- State and local taxes directly tied to the business.
- Charitable contributions made by the business.
- Start-up costs for a new business (subject to limitations).
Please consult with a tax professional or refer to the IRS website for specific rules and limitations related to each deduction. Additionally, it’s essential to maintain accurate records and receipts for all deductible expenses.
