5 Tax Breaks forEntrepreneurs

Legal and Consultancy Fees

The tax code is designed to provide breaks on expenses that are reasonably accepted as the cost of doing business. Whether it’s fees paid to your accountant, your lawyer or an IT consultant, these expenses are often fully deductible.

Marketing or Branding Expenses

Any effort you take to build your brand with customers and the community is tax deductible. Expenses like printing business cards, purchasing signage and more.

Bad Debt and Theft

One of the hardest things for a business is dealing with theft and shoplifters. Thankfully, the IRS is willing to cut you a break when these things happen. However, certain types of bad debt for services don't apply. 

Bank Loan Interest

Just as one of the most powerful deductions for personal tax returns is mortgage interest, one of the biggest breaks a business can get is on the interest and carrying charges for loans and credit.

Networking and Associations

In many industries, it pays to have connections. As a result, there are many networking-related write-offs that you might want to pay attention to. These range from business gifts sent to clients, trade-show attendance and dues for professional associations.

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Source: Reeves, Jeff. “5 Tax Breaks for Small-Business Owners.” USA Today. USA TODAY. 14 March 2013. Web. 3 November 2015. <http://www.usatoday.com/story/money/personalfinance/2013/03/14/taxes-entrepreneur-irs-small-business-tiips/1987289/>