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Finance / Taxes

The Basic Tax Deductions Most Small Businesses Forget

3 min read
Opinions expressed by Entrepreneur contributors are their own.

Everyone knows the typical tax deductions like charitable donations and employee wages. But what about items like your new iPhone or the airplane ticket for a trip during which you managed to fit in a quick business meeting?

Related: Can I Deduct That? Your Tax Deduction Checklist

CPA and Attorney Mark J. Kohler says that when small business owners only think about taxes once a year, they often forget about some crucial deductions. These deductions can add up quickly, and lead to huge savings on the back end when tax season rolls around.

Check out this video for Kohler's list of expenses most small business owners forget to deduct, as well as other tips on how to save big when filing your taxes. 

Related: 75 Items You May Be Able to Deduct from Your Taxes

Related Book: The Tax and Legal Playbook

5 Early Steps to Get Ready for Tax Time