1. Business-related travel expenses:
This includes costs associated with business trips, such as airfare, lodging, meals, and transportation.
2. Office rent or lease payments:
Deduct the expenses related to renting or leasing office space for your business.
3. Employee wages and benefits:
Include salaries, bonuses, health insurance, retirement plan contributions, and other employee benefits.
4. Cost of goods sold (COGS):
This refers to the direct costs of producing or purchasing the products or services you sell.
5. Marketing and advertising expenses:
Deduct expenses related to promoting your business, including advertising campaigns and marketing materials.
6. Home office expenses (if applicable):
If you work from home, you can deduct a portion of your home-related expenses like rent, utilities, and internet.
7. Depreciation of assets:
Write off the depreciation of business assets, such as machinery, computers, and vehicles, over time.
8. Professional fees (legal, accounting, consulting):
Deduct fees are paid to professionals who provide essential services to your business.
9. Insurance premiums:
Include premiums for business insurance coverage like liability, property, and worker's compensation.
10. Charitable contributions:
Deduct donations made to qualified charitable organizations as a part of your corporate social responsibility.
11. Repairs and maintenance costs:
Account for expenses related to maintaining and repairing business assets and property.
12. Business use of your vehicle:
Deduct vehicle-related expenses for business purposes, like fuel, maintenance, and depreciation.
13. Research and development expenses:
Include costs incurred while developing new products, services, or technologies for your business.
14. Education and training expenses:
Deduct expenses for employee training and development programs.
15. Bad debts:
Account for unpaid invoices or loans that you cannot collect from customers or clients.
