KNOWLEDGE CENTER

Interested in Interviewing a TaxTalk Expert?

Are you a reporter interested in interviewing a TaxTalk expert?
E-mail media@NASE.org or call 800-743-8950

WATCH VIDEOS:
TaxTalk with NASE's National Tax Advisor Keith Hall

TaxTalk - Unlimited Tax Advice for the Self Employed

GoBack

I just started my new business. Is there a list of all the business deductions I can take?

Author

Wednesday, April 01, 2009

Believe it or not, the IRS is the best place to start looking for possible deductions and for information to help you with your taxes.

You can download forms with instructions and informative publications for free from their Web site at www.irs.gov. Some key publications for micro-businesses:

Publication 334, Tax Guide for Small Business
Publication 463, Travel, Entertainment, Gift, and Car Expenses
Publication 505, Tax Withholding and Estimated Tax
Publication 587, Business Use of Your Home

Pay particular attention to Publication 587, which covers home office expenses, and Publication 463, which covers the expenses related to business use of your car. These are common deductions for most micro-business owners, but they’re often overlooked.

Category:

Tags IRS startup deductions taxes

Share the NASE with Others

Post a comment!

Name:

Email:

Your URL (optional):

Comment:

Security Check

Disclaimer: The information provided on this website, including the statements and responses of the consultants, is of a general nature and is not intended as a substitute for consulting a professional. The best advice is to consult a professional in your area to make sure that your specific facts and circumstances are adequately reviewed. No attorney-client, accountant-client, or consultant- client relationship is intended or established. Your review or participation on this site is an acknowledgement of and agreement with the terms of this disclaimer.

Keith Hall - Keith Hall is a certified public accountant and the NASE National Tax Advisor. He operates a private tax and financial consulting firm in Dallas, Texas. Hall is one of the CPAs involved with NASE TaxTalk, where more than 10,000 small-business questions are answered every year. He has more than 21 years of consulting experience with small businesses, including more than 11 years working with the NASE.

Keith on Twitter

Keith on LinkedIn

Click Here to Download (PDF)