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Tax Deduction Consulting: Business Deductions Hayden ID

Whether you are an established company with multiple offices or working out of your home, significant business deductions exist for your business. Following is a listing of deductions that are common to most businesses regardless of the specific service or products being supplied.

Brian Burks, MBA
5660 East Franklin Rd. Suite #130
Nampa, ID
Company
Title: Managing Partner
Company: Burks Wealth Management
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
U of Idaho/B.S. - Marketing
Boise State University - MBA
Years Experience
Years Experience: 15
Service
Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Annuities,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income

Data Provided by:
Liberty Tax Service
(866) 871-1040
10804 W Fairview Ave # 100
Boise, ID

Data Provided by:
Boise Tax PRO
(208) 375-1230
1010 N Orchard St Ste 5
Boise, ID
 
Liberty Tax Service
(866) 871-1040
25 S 16th St
Payette, ID

Data Provided by:
H&R Block
(208) 324-2658
115 W MAIN
JEROME, ID

Data Provided by:
Pattent Tax Service Llc
(208) 939-1151
8850 Horseshoe Bend Rd
Boise, ID
 
H&R Block
(208) 461-9308
341 CALDWELL blvd
NAMPA, ID

Data Provided by:
H&R Block
(208) 454-6798
5108 CLEVELAND BLVD
CALDWELL, ID

Data Provided by:
Cloverleaf Tax & Business Services
(208) 344-0711
145 E Williams St
Boise, ID
 
Ada Tax Professionals
(208) 377-4303
9140 Ustick Rd
Boise, ID
 
Data Provided by:

Tax Deduction Consulting: Business Deductions

Common Business Deductions

Whether you are an established company with multiple offices or working out of your home, significant business deductions exist for your business. Following is a listing of deductions that are common to most businesses regardless of the specific service or products being supplied.

Commong Business Deductions

  • Office expenses
  • Rent or lease payments
  • Advertising
  • Costs of goods sold
  • Depreciation
  • Insurance costs
  • Utilities
  • Wages of employees
  • Employee benefits
  • Retirement plans
  • Payments to independent contractors [file form 1099]
  • Accounting and professional services
  • Communication expenses
  • Commissions
  • Travel expenses
  • Vehicle expenses
  • Business-related Meals and Entertainment
  • Uncollected receivables
  • Bank fees on bank accounts
  • Interest payments

While the above list should provide you with a solid means for lowering your taxable revenues, certain expenses cannot be deducted. Following is a list of common expenses that do not help you bottom line from a tax perspective.

  • Personal expenses
  • Life insurance in most cases
  • Partnership organization expenses
  • Hobby expenses
  • Commuting to work and home expenses
  • Gym dues
  • Contributions to Roth IRA
  • Examination fees for professionals
  • Fines and penalties related to violations of the law
  • Gifts to employees or business contacts exceeding $25
  • Traffic tickets
  • Parking tickets
  • Political contributions
  • Fees paid for lobbying
  • Expenses paid for lobbying
  • ...

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