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Common Business
Expenses
Following are some of the
more common business expenses that are deductible on Schedule C:
Accounting fees
Advertising
Alarm service
Amortization of leasehold improvement
Answering service
Automobile expenses
Bad debts
Bank charges
Cash shortages
Casualty losses
Charitable contributions
Cleaning
Collection expense
Commissions
Delivery
Depletion
Depreciation
Dues and publications
Education and seminars
Employee benefits
Employment agency fees
Entertainment
Equipment rental
Equipment repair
Equipment -- other
Freight
Fuel
Gifts
Insurance
Interest on business indebtedness
Janitor
Laundry
Legal and professional fees
Licenses and permits
Maintenance
Management fees
Marketing services
Moving expenses
Office furnishings
Office supplies
Office in home expense
Outside services
Pension and profit-sharing plan M1237
Postage
Printing
Promotion
Rent
Repairs
Storage
Supplies
Tax -- business
Tax -- city/county
Tax -- payroll
Tax -- personal property
Tax -- personal
Tax -- sales and use
Tax -- other
Telephone and telegraph
Tools
Travel
Uniforms
Utilities
Wages
Windfall profit tax
Commonly Over Looked Expenses
Despite the fact that most people keep a sharp eye out for deductible
expenses, it’s not uncommon to miss a few. And some folks don’t list a deduction
because they can’t find what category it fits into. Some overlooked routine
deductions include:
Advertising giveaways and promotion
Audio and video tapes 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
Credit bureau fees
Education to improve business skills
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
This information is an excerpt from "Tax Savvy for Small
Business" by Frederick W. Daily. Copyright 1997 by Frederick W. Daily, Nolo Press.
The complete text of this book is included in TurboTax for Business.
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