Contact: Sandra Riker 856.809.6045 What Business Expenses Can You Claim for Your Small Business? Figuring out what expenses to claim for your small business can be a tricky situation. Most small businesses seek professional help just to avoid the hassle and mistakes. With a little direction though, this process can become almost painless. Here's a list of business expenses that you should claim as a small business owner. Office Supplies: Think that claiming that pack of pens or folder isn't worth it? Think again! While a single purchase of a pen or a notebook may not seem like much, adding up every single one of those small purchases throughout the year can actually add up to a decent amount. The key to this claim is to keep all receipts for proof of purchase. Software: Another expense that is frequently overlooked for small businesses is software purchases. For example, if you are a graphic designer for a small business, you may have to purchase Adobe Photoshop or InDesign. For those of you who don't know the Adobe Suite can run anywhere from $250-$600. That's a hefty chunk of change. Claiming software as a business expense can help immensely. Office Costs: Many small businesses rent professional office space. This too can be claimed as an expense. Other examples of items inside the office building that can be claimed are utility bills, as well as the cost of repairs. Home Office Expenses: Do you work from home? Do you have an office that is strictly for work purposes? If you do it is 100% deductible. However if you have an office that is used for work during the day and family use at night, it can be partially deductible. Other things that are partially deductible are heat, electricity, property taxes and even repairs and maintenance. Personal Expenses: If you have a phone or Internet connection that is for work purposes only they are both tax deductible. Most people use their Internet connection for both work and entertainment purposes when they work from home, which makes one believe that it isn't deductible. This however, is not true. You can claim a percentage of your personal connection for both Internet, telephone with proof of usage. Magazine subscriptions that are helpful and relevant to your business can be claimed. For example, if you are a photographer who operates his or her own business and are subscribed to the magazine "Practical Photography" you can claim that subscription. Vehicles: A vehicle that is used both for personal and business use can't be claimed. However, personal automobiles for business are allowed .565 cents per mile. One needs to keep a log of business miles traveled throughout the year. Taxis and car services (such as "Enterprise") can be claimed also. Food: Meals that you have to eat because you are out of the office on business are claimable. However, leaving your office to go to lunch every day on your own accord doesn't count. It is mostly for business trips or traveling to a meeting etc. The above information is just the tip of the iceberg when it comes to claiming your small business expenses. It can be used as a guide to further look into other expenses that may be able to be claimed. Every little bit of money that is saved, is money that can be used to better your business for the future. When in doubt, it is always best to contact a professional to gain further insight.