Small Business Tax Deductions
The County officials then add all the assessed values of the property together in a county. Further they subtract the applicable deductions in order to determine the net assessed value of the county.
If you have a room in your house that is used exclusively for your small business it may be used as a deduction. The room cannot be used for any other purposes to qualify. You can claim a percentage of rent or mortgage and utility bills based on the square footage of your office area in relationship to the square footage of the house.
Since youre running your business from home, a portion of your rent, utilities, insurance, repairs and maintenance may also become tax deductible expenses, as long as you use a portion of your home for on a regular and exclusive basis for business purposes.
A lot of small business owners tend to forget about this, but you can actually deduct your marketing or advertising costs from your taxes. Your marketing or advertising costs may include business cards, signs to put on your car, promotional flyers, and clothing with your company’s logo embroidered on it.
The furniture that youre using part time for business purposes can also be partially tax deductible. You get this deduction by depreciating a portion of the total cost of the furniture over a period of years.