Questions, concerns or any other deductions we missed? Leave them in the comments below.
Your own salary if you’re a sole proprietor.Penalties and fines you pay as the result of breaking the law.Your life and disability insurance premiums if you’re a sole prop., partnership, or S Corporation.Membership dues, even to a professional organization.Business attire that you can wear outside of work (ie, non-uniforms).A small business loan-but you can deduct whatever you purchase with the loan.Just because you didn’t get a receipt doesn’t mean you can’t deduct the cost, but you should document it just the same. Taxes (amazingly, taxes incurred in running your business are deductible).Stereo equipment for playing background music at work.Research and development (we literally wrote the guide on this one!).Penalties and fines paid for late performance or nonperformance of contracts.Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes.
If you use the actual expense method, youre allowed to deduct the actual costs you incur each year to operate your car for your business, plus depreciation. For the 2016 tax year, the standard mileage deduction rate was 53.5 cents per business mile.
Charity or traveling to perform charitable services.Charitable deductions made for a business purpose.Cafeteria health-insurance plan (requires plan).Business travel (here’s what you need to know!).Here’s everything you need to know from demographic shopping habits to how folks in the cities versus rural areas differ.īuild your omnichannel strategy for your target customer right now. How Modern Consumers Shop Across ChannelsĬonsumers shop on their own time, in their preferred channels and compare across stores and prices.