At Ken-Mar Tax we specialize in tax reduction strategies for the self-employed because after decades of studying the tax code, working with the IRS and preparing tax returns for self-employed individuals we realize there are still many business expenses that get forgotten when filing taxes.  One thing we do to help our clients is equip them with a reminder sheet of business expenses they are likely to incur throughout the year and should track for tax purposes.

What Business Expenses Can I Write-Off?

Please be advised that when preparing your own taxes you could fall into many traps when it comes to tax-deductible business expenses. For example, if you billed a client for the hotel room on the business trip, YOU should not claim it as an expense because it has already been reimbursed through your fee to the client – in which case YOUR CLIENT is deducting the cost of the room as their business expense rather than yours.

How Much Can I Claim for My Home Office?

Having a home office is clearly an expense of doing business.  You heat the office, provide internet to the office, provide a phone line, or cell phone to the office, provide lights to the office, have furniture in the office … all expenses of doing business.  However, determining which business expenses are tax deductible when operating a home office will be based on how much of the home is dedicated to your office space.  There is no one-line item that fits all home offices for the purpose of tax deductions which is why it’s critical to consult with an expert like Ken Weinberg of Ken-Mar Tax before claiming business expenses that may be inaccurate.

Business Expenses for Tax Filing:

This list is by no means a comprehensive list of ALL the tax-deductible business expenses that can be filed on your tax return. However, this is a simplified list that our clients use to remind themselves what types of expenses they should be tracking and can call to ask us about throughout the year.  The expenses include:

Advertising

Auto expense

  • gas, food, oil, etc.
  • mileage
  • parts and repairs

Business cards

Bank charges

Clerical expenses

Client gifts

Courier Service

Entertainment and food

Equipment

  • briefcase
  • calendar system
  • cameras
  • computers
  • office furniture
  • telephones
Gifts

  • cards
  • flowers

Interest paid

Map books / map software

Medical expenses

Office expense and supplies

Printing

  • brochures
  • film processing
  • stationary
  • signs, flags, banners

Professional fees

  • dues and memberships
  • E&O insurance
  • legal
  • license
  • seminars and courses
Repairs

Rent

Sales assistant

Software

Taxes

Telephone/ Communication

  • cell phone service
  • tablets / pagers
  • internet service
  • call forwarding
  • voicemail service

Travel Expense for Business Trip

  • airfare, train, bus, taxi, etc.
  • car rentals & gas
  • dry cleaning on trip
  • lodging
  • meals on trip
  • parking, tips & tolls on trip

Remember – if you think someone else (or you) didn’t claim all your business expenses the proper way, we will go back and look at the last three years of your tax returns at no cost.  If there was money left on the table, you still have time to file an amended return and are entitled to whatever refund is coming your way – up to three years. Our tagline is “we’ll save you more than your fee or your taxes are free!” so call Ken-Mar Tax at (440) 777-2207 to ensure you are taking full advantage of all the business expenses afforded to you by the IRS tax codes or fill out our contact us page and let us know how we can help.