Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Taxes and other Small Businesses topics.
Here is a short list of some common business deductions. Check IRS Publication 535-Business Expenses to see if you qualify for these and other deductions.
Donations to business organizations.
Licenses and regulatory fees.
Penalties and fines you pay for late performance or nonperformance of a contract.
Repairs that keep your property in a normal efficient operating condition.
Subscriptions to trade or professional publications.
Supplies and materials.