Small business owners can find it confusing and overwhelming when it comes to the details of business deductions. Deducting too many items can cause problems if your business is every audited and deducting too little takes money directly out of your pocket. Millions of business owners each year fall to the side of caution and do not take the deductions they are owed.
Not all of the expenses towards your business are 100% deductible. Many larger items such as computers and vehicles are actually deducted over a few years as depreciation. In addition, food and entertaining are deducted at a lower percentage. Even though these items are deducted over time or at a lower percentage, you are still entitled the deductions.
For a detailed list of what and how to deduct business expenses we recommend going directly to the IRS website. The list is easy to understand, but complete with explanations. Go to IRS.gov >>