Top 30 Tax Deductable Expenses Entrepreneurs Miss for 2023!

If you have a business, whether it’s full-time or an additional stream to your current income, maximizing your deductions can help you keep more of your hard-earned money.

Brush up on common tax deductions for the self-employed person with the chart below and remember to keep track of your expenses with receipts and a detailed daily calendar. Here are thirty commonly missed ones (plus, a big bonus one)…

EXPENSES

1.Business related phone lines (cell phone, landline or both)

2. Cost of dry cleaning for work wardrobe

3. Industry specific magazine subscriptions

4. Marketing and advertising costs

5. Office supplies: pens, paper, stapler, file folders, calendars, etc.

6. Business stationery and envelopes, business cards, flyers

7. Office furniture: desk, chairs, filing cabinet

8. Computer, laptop

9. Software used in your business

10. Printer/copier

11. Fax machine (Yes, people still use them)

12. Office rental or mortgage, or proportionate home office deduction

13. Utilities costs or proportionate home office deduction

14. Business related internet service

15. Business related travel: airfare, train or bus ticket, rental car, taxis

16. Car maintenance: gas, oil changes, tire rotations, etc, or mileage

17. Accommodations during business travel

18. Business meals and entertainment (50%)

19. Private health insurance premiums

20. Cost of hosting for website and web design/copywriting services

21. Other assistant services, like email management

22. Legal, accounting, professional advisory fees, plus your own licenses

23. Business bank account fees

24. Business equipment, materials, and supplies

25. Cost of cars or trucks for your business (amortized)

26. Your child’s allowance for cleaning or helping in the home office!!!

27. Fees for outsourcing tasks or wages if you hire someone

28. Repair and maintenance fees for the home office

29. Product inventory cost and storage

30. Postage and post office box rental

A bonus one: Education costs to improve your skills in your current business. Do not forget this one!