Many business owners are surprised to learn that taxes are one of their biggest costs. Soul crushing, right?! That’s why it’s so important to be aware of as many deductions and credits as possible to keep more of your money in your pocket!

Check out this list of 72 possible tax deductions and credits for business owners!

1. Accounting Fees
2. Advertising
3. Auto expenses (Learn more)
4. Banking fees
5. Building repairs and maintenance
6. Business travel (Learn more)
7. Business association membership dues
8. Charitable deductions made for a business purpose
9. Child Tax Credit (Learn more)
10. Cleaning/janitorial services
11. Cameras
12. Collection expenses
13. Commissions to affiliates
14. Computers and tech supplies
15. Consulting fees
16. Continuing education for yourself to maintain licensing and improve skills
17. Conventions and trade shows
18. Costs of goods sold
19. Credit card merchant service fees
20. Depreciation (Learn more)
21. Drones
22. Earned Income Tax Credit (Learn more)
23. Education and training for employees
24. Equipment (Learn more)
25. Exhibits for publicity
26. Franchise fees
27. Freight or shipping costs
28. Furniture or fixtures
29. Gifts for customers (Learn more)
30. Health insurance
31. Equipment repairs
32. Health Savings Account (Learn more)
33. Home office (Learn more)
34. Interest
35. Internet hosting and services
36. Investment advice and fees
37. IRA contributions (Learn more)
38. Legal fees
39. Leased vehicle or equipment
40. License fees
41. Losses due to theft
42. Materials
43. Maintenance and janitorial
44. Meals (Learn more)
45. Mortgage interest on business property
46. Moving
47. Newspapers and magazines
48. Office supplies and expenses
49. Payroll taxes for employees (including Social Security, Medicare, and unemployment taxes)
50. Parking and tolls
51. Pension plans
52. Postage
53. Prizes for contests
54. Property taxes
55. Rebates on sales
56. Rent
57. Research and development
58. Retirement plans
59. Royalties
60. Safe-deposit box
61. Sales tax
62. Social media advertising
63. Software and online services
64. Storage rental
65. Subcontractors (Learn more)
66. Telephone
67. Utilities
68. Video equipment for business
69. YouTube channel
70. Wages and salaries paid to employees (Learn more)
71. Website design
72. Workers’ compensation insurance

PS – Download this entire list in PDF form to keep handy while you’re filing your taxes or managing your books so you never miss a chance to save!

Unfortunately, there isn’t a master list of deductions included in the Internal Revenue Code or provided by the IRS. There is simply the tax principle which states a valid write-off is any expense incurred in the production of income.  And of course, each deduction then has its own set of rules.

That’s why bookkeeping is my number 1 strategy to save money on your taxes!

The moral of the story is to track every single expense related to your business and review them with your CPA to ensure they are legitimate deductions and credits. The key here is to make sure you have good record keeping and consistent bookkeeping to minimize your tax liability, as well as your risk of an audit if the IRS ever comes knocking.