• Father Kid
  • Sailing
  • Kayak
  • Shaking Hands
  • Sunset
Resources

What Can Be Deducted?

What is tax deductible and what can never be deducted?

This is a basic list of deductible items for business owners.  Please check with us for details about other possible deductions and limitations.

Good for You

  • Accounting fees
  • Advertising
  • Bank charges
  • Commissions & sales expenses
  • Consultation expenses
  • Continuing professional education
  • Contract labor
  • Credit & collection fees
  • Delivery charges
  • Dues & subscriptions
  • Employee benefit programs
  • Equipment rentals
  • Factory expenses
  • Insurance
  • Interest paid
  • Internet subscriptions, domain names & hosting
  • Laundry
  • Legal fees
  • Licenses
  • Maintenance & repairs
  • Office expenses & supplies
  • Pension & profit-sharing plans
  • Postage
  • Print & copy
  • Professional development & training
  • Professional fees
  • Promotion
  • Rent
  • Salaries, wages & other compensation
  • Security
  • Small tools & equipment
  • Software
  • Supplies
  • Telephone
  • Trade discounts
  • Travel
  • Utilities

Maybe, Maybe Not

Not all expenses are fully deductible. Some expenses are only partially deductible.  Always call to check with us for details.
  • Gifts: are deductible up to $25 per person.  Gift items that cost $4 or less are fully deductible
  • Automobile &transportation expenses: must be split between personal use (non-deductible) and business use (deductible)
  • Home office: must be split between personal use (non-deductible) and business use (deductible)
  • Meals & entertainment: only 50% is deductible

No No's

Some business expenses, even though they may be directly related to your trade and/or profession, are never tax-deductible.  Call us to discuss your options.
  • Bribes & kickbacks (it wouldn't be on the list if it wasn't tried)
  • Contributions to political parties and/or candidates
  • Dues & membership fees for social clubs
  • Lobbying expenses
  • Penalties & fines


Contact Us

Loveland

(970) 667-1070
762 W Eisenhower Blvd
Loveland, Colorado 80537

Estes Park

(970) 667-1070
1212 Graves Avenue
Estes Park, Colorado 80517

Katy

(281) 665-7973
21398 Provincial Blvd
Katy, Texas 77450

Stay Informed