Tax Deductible Business Expenses for 2009, 2010

If you are a business owner then you can take many business related tax deductions. You can deduct the cost of operating your business if you are a business that operates to make a profit. You do not necessarily make a profit but must run a business that is attempting too.

Operating a Home Based Business

If you use part of your home to operate your business then you can deduct a percentage of home related expenses such as utilities, phone, mortgage, insurance, and even maintenance on the home.

Vehicle Deductions

If you use your personal vehicle for business purposes then you can deduct car related expenses such as mileage and car repair. If your business owns a vehicle then you can deduct the entire amount of the vehicle. You are currently able to deduct up to 58.5 cents per mile for business travel. That can add up to a lot of savings for your business.

Payroll

If you have employees that you pay to help operate your business then those expenses are deductible as well. If you currently offer and contribute to employee retirement plans, those can be considered a business expense.. You can also deduct the insurance premiums paid on these employees.

Rent or Mortgage

You can deduct either the rent or mortgage you pay monthly for the space to run your business. If you run your business from your home you can also deduct either the rent or mortgage. Don’t forget deductions related to mortgages such as mortgage interest and points, insurance, and property taxes.

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August 4th, 2009 in On The Inside