The Basic Tax Deductions Most Small Businesses Forget

  • ---Shares

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

Edition: June 2017

Get the Magazine

Limited-Time Offer: 1 Year Print + Digital Edition and 2 Gifts only $9.99
Subscribe Now

This website uses cookies to allow us to see how our website and related online services are being used. By continuing to use this website, you consent to our cookie collection. More information about how we collect cookies is found here.