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Tax Deduction Consulting: Business Deductions Sheridan WY

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.

Payless Tax & Business Solutions
(307) 655-5543
307 E 3rd Street
Sheridan, WY
Prices and/or Promotions
20% off Your First Tax Return

H&R Block
(307) 635-3657
800 S GREELEY hwy STE E
CHEYENNE, WY

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Liberty Tax Service
(866) 871-1040
944 E 2nd St
Casper, WY

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Liberty Tax Service
(866) 871-1040
1802 Dell Range Blvd
Cheyenne, WY

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H&R Block
(307) 362-6101
1461 DEWAR dr
ROCK SPRINGS, WY

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H&R Block
(307) 684-5125
510 W LOTT ST STE A
BUFFALO, WY

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Payless Tax & Business Solutions
(307) 655-5543
307 E 3rd Street
Sheridan, WY
Prices and/or Promotions
20% off Your First Tax Return

Liberty Tax Service
(866) 871-1040
2205 E Pershing Blvd
Cheyenne, WY

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H&R Block
(307) 877-5789
1100 PINE AveSTE 113
KEMMERER, WY

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H&R Block
(307) 532-5413
2109 MAIN ST
TORRINGTON, WY

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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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