What Are Tax Write-Offs for Small Business?

Tax write-offs for small businesses are deductions that are allowed by the Internal Revenue Service. The write-offs come off the bottom line, and the small business owner pays taxes on the amount that's left after deducting the allowable expenses. Small business owners should keep very detailed notes and receipts in order to take as many write-offs as possible, thereby reducing the tax burden.

Supplies

Any office supplies, including paper, pens, receipt books and day timers that are used for the business are deductible.

Space

Rent or mortgage payments on space that is used for an office can be written off, as well as the utility payments needed to operate in the space.

Mileage

Driving for business purposes is deductible according to the tax codes; the amount allowed per mile varies from year to year.

Training

Classes and training used to get needed degrees, certifications or designations that will be used to further the business are tax deductible.

Fees

Association and trade group fees, industry magazine subscriptions and web site database fees used for the business can be written off.

Meals

Meals designed to entertain clients, or that are required to conduct business, can be tax write-offs as well.

Resources

• IRS