Business Tax Question – Business Deductions?

Question: I do not know all the business write-offs.  Also, I do not know what is and what is not a business write-off.  Can you provide some guidance?

Answer: If you like to get into the details then I highly recommend you read the IRS publications.  If you are just looking for someone to advise you on all the deductions, then I recommend you establishing a relationship with a good CPA.  As a CPA, I would sit down with you and review your business.  Then we would discuss typical tax deductions for your business.  For any small business, it is important to have a good CPA and a good attorney on your side.

IRS Publications
I strongly encourage business owners to review the publications.  The publications provide high level guidance on deductible business expenses.

Publication 535, Business Expenses.  This publication provide information on deductible business expenses and the requirements for retaining records.

Publication 463, Travel, Entertainment, Gift, and Car Expenses.  This publication discuss out of town travel, expenses related to entertaining clients, providing gifts, and auto expenses such as mileage.  The publication also discuss the requirements for maintaining good documentation.

Publication 587, Business Use of Your Home.  This publication reviews home office expenses.

Feel free to contact me if you have any questions regarding information in these publications.