{"id":33951,"date":"2020-02-05T12:20:37","date_gmt":"2020-02-05T17:20:37","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=33951"},"modified":"2022-01-20T17:57:54","modified_gmt":"2022-01-20T22:57:54","slug":"tax-deductions-for-your-small-business","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/tax-deductions-for-your-small-business\/","title":{"rendered":"Tax Deductions for Your Small Business"},"content":{"rendered":"

\"TaxIt\u2019s that time again! The Tax Man cometh, and for small business owners, this can either mean severe anxiety or severe excitement. Before you start researching stress relief methods, take a look at our list of small business tax deductions<\/a> you may not have considered in the past.<\/p>\n

Labor Costs<\/strong><\/p>\n

As a small business owner, labor<\/a> costs are likely your biggest expense. That\u2019s why it\u2019s a good thing they\u2019re totally tax deductible\u2014this includes payroll, benefits, employment taxes, and overtime payments. If you employ independent contractors<\/a>, their wages are also tax deductible. Got payroll software? Yep, that expense is also a deduction. Add another line item to the list of reasons your staff are priceless! They keep your business running, and they\u2019re even better around tax time.<\/p>\n

Food Costs<\/strong><\/p>\n

Sounds a little counterintuitive, but restaurant owners can deduct their business\u2019s food and beverage costs from their taxable income. That\u2019s right\u2014the second-largest expense restaurant owners have (next to labor) can be deducted. Anything from cayenne pepper to fresh turkey to those spoiled loaves of bread that never even made it to a table counts.<\/p>\n

Professional Services<\/strong><\/p>\n

Say you hired a consultant to help you get your business up and running. Or you partnered with a marketing agency for a brand refresh<\/a>. Maybe you had a lawyer who helped you navigate the startup process. These professional services you relied on to maximize your earning potential are totally tax deductions.<\/p>\n

Office Expenses<\/strong><\/p>\n

Anything from office chairs and whiteboards to lightbulbs and printers is considered an office expense in the eyes of the IRS. And office expenses are\u2014you guessed it\u2014tax deductible. Just be sure the supplies you\u2019re deducting were purchased in the year for which you\u2019re filing, and definitely hang on to those receipts! The government loves a paper trail.<\/p>\n

Staff Entertainment<\/strong><\/p>\n

Did you have a huge office holiday party last year? Host a BBQ for your staff and their families? Take your employees to a team-building event? No sweat. Those costs can be deducted, as can the costs of entertaining your clients. According to Shopkeep<\/a>, \u201cfor client meals and entertainment, you can typically deduct up to 50% of the cost provided that at least one employee was present and the meal was not lavish.\u201d Check out Shopkeep\u2019s comprehensive list of meal deductions and their percentages here<\/a>!<\/p>\n

On a final note, don\u2019t forget that the interest you pay on any small business loan from ARF Financial<\/a>\u2014whether it\u2019s a line of credit, bridge loan, or Flex Pay loan, it\u2019s tax deductible. And that\u2019s just another reason why turning to ARF for all of your business\u2019s financing needs makes perfect sense, year in and year out.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s that time again! The Tax Man cometh, and for…<\/p>\n","protected":false},"author":5,"featured_media":33952,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[128,698,909],"tags":[398,402,400,399,443,386,220,213,116,173,117,516,493,401,224,222,172,226,533,142],"class_list":{"0":"post-33951","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-day-to-day-business-operations","8":"category-small-business-financing","9":"category-taxes","10":"tag-affordable-business-loans","11":"tag-affordable-small-business-growth","12":"tag-business-expansion","13":"tag-business-growth","14":"tag-business-line-of-credit","15":"tag-business-loans","16":"tag-flex-pay-loans","17":"tag-line-of-credit","18":"tag-restaurant-financing","19":"tag-restaurant-funding","20":"tag-restaurant-loans","21":"tag-restaurant-trends","22":"tag-small-business-blog","23":"tag-small-business-expansion","24":"tag-small-business-financing","25":"tag-small-business-funding","26":"tag-small-business-growth","27":"tag-small-business-loans","28":"tag-tax-deductions-for-your-small-business","29":"tag-working-capital"},"acf":[],"yoast_head":"\nTax Deductions for Your Small Business - ARF Financial<\/title>\n<meta name=\"description\" content=\"Tax Deductions for Your Small Business- Tax season can either mean severe anxiety or severe excitement for small business owners. 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