10 Tax Benefits Small Business Owners May Not Be Aware Of (Including Writers)

By Brandon Gaskins

1. 50% of your business related meals are covered, be sure to keep receipt.
2. 100% of your business related meals (including rental space and catering) and entertainment (including recreational facilities) are covered, if you are promoting goodwill in the community.
3. Any and all cost related to advertising including website design and hosting fees.
4. If you have a home office you can deduct a portion of your rent, if you buy property that you will be using for business purposes you can deduct a portion of your taxes due to depreciation. 
5. Business travel expenses for conferences, seminars, classes and tours are covered, including flight and hotel. However meals are only covered at 50%.
6. 100% of your health insurance is deductible.
7. Hiring an editor or proof reader is 100% deductible.

   

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8. Vehicle expenses used for business purposes including maintenance and gasoline, be sure to record mileage.
9. Bad debt due to not being paid by a client; if you claimed the expected income on that years taxes but was never paid you can deduct that loss the following year as bad debt.
10. 100% of your rental car fees are deductible however any personal usage must be subtracted from the amount used as a tax deduction.