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Business Tax Guide
A Business Owner's Guide to Tax Deductions
Most ordinary and necessary costs of running a business are tax deductible, including supplies, software, vehicles, travel, equipment, insurance, and professional fees. The deductions business owners most often miss are the routine ones: recurring subscriptions, auto-renewals, bank fees, and expenses that never got documented.
This free guide from Gatewood Tax and Accounting walks through the most common business deduction categories, what qualifies in each one, and the records you need to back them up. Download your free copy below and bring it to your next meeting with your tax team.
SNEAK PEEK
What's Inside the Guide
A business tax deduction is an expense you can subtract from your business income because it was ordinary and necessary for running the business. Many deductions are straightforward, but the IRS can disallow them when the records aren’t there. This guide pairs each category with practical reminders so you know what to claim and what to keep.
The guide covers:
- Everyday operating costs: supplies, workspace and home office, marketing, and technology subscriptions
- People and professional services: employees, contractors, advisors, benefits, and training
- Vehicles, travel, and meals: mileage rules, commuting vs. business driving, and the five details the IRS expects for every expense
- Equipment and big purchases: Section 179, bonus depreciation, and when you may be able to deduct the full cost in year one
- Commonly overlooked deductions: insurance premiums, bank and merchant fees, loan interest, licenses, and dues
- A recordkeeping cheat sheet: what to keep, how long to keep it, and the biggest mistake we see
Each section ends with a short list of items to gather before your next meeting, so you arrive with what your tax team needs.
