List of Small Business Tax Deductions 2011, 2012

As a helpful reminder when you prepare to file your next income tax return, our experts have compiled a list of small business tax deductions. You can make claiming these small business tax deductions easier, by using TurboTax online this year to file your taxes.

Because every business is different, it’s not possible for us to prioritize which expenses mean the most to your own business, so we’ve simply listed them in alphabetical order.

Here they are:

• Bank charges related to your business, including check charges, monthly service, wire fees and overdraft charges
• Business gifts: when given for customers, prospects and vendors – subject to IRS limits
• Business Insurance premiums
• Charitable contributions: normally a personal deduction, but consult with your tax advisor
• Depreciation & Amortization
• Education expenses related to your business, including seminars, classes, educational tapes or CDs and conventions
• Fees paid to business bureaus, chambers of commerce, trade associations, etc.
• Health insurance premiums for the owner or employees
• Home office for nearly any business in which a home office is used
• Interest on business indebtedness
• Losses from theft, fraud, and business property or contents damage that is not covered by insurance
• Moving expenses: for your business, i.e. not a personal move, which is deductible apart from the business
• Office expenses, including utilities, shipping, office supplies, advertising and marketing (including sponsorships), rent (office and equipment), telephone/internet charges, software licenses, janitorial maintenance, landscaping, office repairs and equipment repairs
• Office equipment, furniture and business vehicles (Section 179 Expenses)
• Professional fees (legal, accounting/bookkeeping, architectural, business consulting and marketing consulting)
• Retirement contributions
• Taxes: including sales tax on business purchases, real estate tax on business property, employer's share of employment taxes, excise taxes and, in some instances, state income tax (may be listed as an itemized deduction on federal tax return)
• Trade-show exhibits and attendance, plus travel, meals, admission fees and costs of booths or exhibitions
• Trade-related journal subscriptions, books and other literature
• Travel expenses related to business
• Vehicle expenses

Again there are many more deductions available to your small business. But referring to this list will help you organize and prepare your taxes for the most savings you can get!

You'll find everything you need at Turbo Tax Business to help you maximize your small business tax deductions and credits.