Top 12 Small Business Tax Deductions

I love this simple list of the top 12 Small Business tax deductions.

Remember the best advice is to contact a local tax accountant in your area to give you more details on your state requirements.

Small-business tax rule No. 1: Don't mess with the IRS.

But that doesn't mean you should cheat yourself. Take every legal deduction you can. Here are a dozen that even savvy small-business owners and entrepreneurs sometimes forget:

The deductible dozen:

1. Home office
2. Office supplies
3. Furniture
4. Other equipment
5. Software and subscriptions
6. Mileage
7. Travel, meals, entertainment and gifts
8. Insurance premiums
9. Retirement contribution
10. Social Security
11. Telephone charges
12. Child labor

1. Home office - Concerned that claiming a home-office deduction is tantamount to sending an engraved invitation to an Internal Revenue Service auditor? Don't be, says Jan Zobel, author of "Minding Her Own Business: The Self-Employed Woman's Guide to Taxes and Record-keeping.""I don't agree that chances of getting audited are greater with a home-office deduction," says Zobel, a San Francisco Bay-area tax expert, who specializes in serving the self-employed. The key is that you use the term "home office" the same way the IRS does. The tax agency says....

Read more at: A dozen deductions for you.

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