Office repairs and maintenance
 Interest related to business loans
 Business insurance
 Employee salary or wages
 Many employee benefits
 Promotion fees
 Advertising expenses
 Legal fees
 Accounting fees or expenses (e.g. hiring an accountant, consultant fees, or the accounting software purchased for the business)
 Income taxes assessed to your business (for state, local, and foreign taxes)
 Taxes on your business property (i.e. real estate taxes)
 Employee training costs
 Employee education and development fees
 Education (e.g. college tuition, conferences, fairs, trainings) to maintain or increase your own business skills
There are other taxable deduction perks which come from owning a small or home business. For example, if you bought a new car and your job requires you to travel around in the car, you can count the car as a business expense and add it towards your deductions. In addition, if you can count business travel expenses as well as a taxable deduction. So, if you went on a business trip to Cancun this past year, that trip can count as a business expense! With perks such as these, your home business or small business is able to count some luxury and pleasure expenses as taxable deductions!
In order to keep track of your taxable deductions and business expenses, it is often a good idea to hire an accountant or use some type of software which is made expressly for small businesses or home businesses. Here is a short list and explanation of some accounting programs which can help you in keeping track of your tax deductions:
1) Microsoft Office Small Business Accounting is a reliable and user-friendly program which can help you to keep track of your business expenses and taxable deductions. The program also allows you to import and use data and information which were already placed in an Excel spreadsheet or in Outlook! There is even a special feature on this program that allows you to do an online-payroll, in conjunction with PayPal services.
2) Peachtree Complete Accounting Software is another reliable and popular program which is used by many small business or home business owners. This program includes extra features such as inventory, job costs, and even keeps track of time and billing for your business! This program is also useful because it allows for multi-users. If you have three or more users who will be working within your business with the accounting, you can look into buying a "value pack" from this company, which allows for three or more users. These accounting programs are very helpful, and they would be able to keep track of all of your business expenses and income! And remember, these programs are tax deductible as well!
3) Simply Accounting Software is a great accounting program to use in small or home businesses! It allows you to keep track of all of your businesses expenses, with even a location to track internet and e-commerce fees! If you have an online business or are looking to expand your business onto the internet, this accounting program may be helpful for you!