It’s common for small business owners to travel regularly for business purposes. What’s good about business-related taxes is that their expenses are tax-deductible, including your airfare, hotel fees, car rental, and travel expenses such as laundry costs. Even food expenses involved in traveling can be deducted, although this will only be up to 50 percent. Just be sure to keep receipts and records showing the reason for purchases so that you can file these to the IRS as tax reimbursements!

3. Technology purchase

We can no longer deny the need for tools and technology in today’s business landscape. As a small business, it’s imperative to invest in some of these technologies, such as computers, printers, fax machines, software, and even business vehicles. The good news is that equipment expenses are considered tax-deductible under Section 179 of the tax code. That said, be sure to check this provision and see what types of technology you can file for tax deductions.

4. Car donation

When it comes to getting rid of your business vehicle, you have the option to junk it or find a buyer who might be interested in it. However, there’s one excellent choice you can resort to—that is to donate your car. Aside from the ease of disposal and the opportunity to help others, there’s one benefit you can get by doing so. As with those above, you can claim a tax deduction by donating your car correctly and filing for this when applicable!

At FiBrick, we’re specialized in accounting and bookkeeping, tax planning and compliance, as well as fractional Chief Financial Officer (CFO) and advisory. Our tax planning strategies include comprehensive business compliance and return preparation services. If you need a tax specialist to deal with the deductions of your small business, we’ve got you covered!