Prior to 2021, business meals were capped at 50%. This can include everything from your monthly cell phone bill to the cost of your new smartphone. You can write off your cell phone or landline use as long as you use your phone for business purposes. These can include air travel, business lodging, meals, entertainment, parking fees, car rentals, and gas.
You can deduct 100% of your business and travel expenses. Business-related subscriptions and computer programs.Office furniture (desk, chair, shelving, drawers, etc.).Office SuppliesĪll the equipment, tools, and supplies needed to run your business are deductible. Make sure to keep all receipts and documents related to working in your home office. This deduction will allow you to claim expenses associated with the upkeep of your home office, including a portion of your home utilities, Wi-Fi, repairs, home insurance, etc. If you work from home, you can apply this deduction toward your taxes. Use this tax deduction cheat sheet of 15 ways to shave money off your tax bill: Most of these tax deductions can apply whether you're a startup or have been in business for a number of years. You might be a business owner wondering, " How can I legally reduce my taxes?" There are several legitimate ways a business can utilize deductions to lessen its tax liability and keep more profits. 15 Tax Deductions for Your LLC or Startup This essential tax deduction cheat sheet gets you started with the most eligible tax breaks you could be missing out on. You could be overlooking thousands of dollars in deductions a year if you file without assistance. Not only can preparing taxes for your startup or LLC can be complicated, but it can also be costly.
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