Your accountant is good if he/she constantly teaches you to always think about various ways and means to save on taxes. And saving on taxes is either minimizing your taxable income or maximizing your deductions. To maximize your deductions, you should consider any and all personal expenses that may have a business purpose. In general, the Tax Code allows, as deduction from gross income, all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on or which are directly attributable to, the development, management, operation and/or conduct of the trade, business or exercise of a profession.
Thus, you may be able to convert some personal expenses to business expenses, as long as you have the proper business purpose for that expense. Note however that no business expense can be legitimately deducted without being substantiated with proper receipts and other adequate records and reconciled with the amount of the expense being deducted, and the direct connection or relation of the expense being deducted to the development, management, operation and/or conduct of the trade, business or profession of the taxpayer.
If you can document your expense, refer to this list of 89 possible deductions for business owners.
Association and membership dues
Advertising costs
Amortization
Auto expenses
Bad debts
Banking fees
Board meetings
Business travel
Capital Losses
Charitable contributions
Cleaning/janitorial services
Collection Expenses
Commissions to outside parties
Communication Expenses
Computers and technical supplies
Consulting fees
Continuing education
Conventions and trade shows
Costs of goods sold
Credit card annual fees
Dental Expense (with plan)
Depreciation
Discounts to customers
Education and training for employees
Entertainment for customers and clients
Equipment
Equipment repairs
Exhibits for publicity
Fire Insurance
Fire Loss
Franchise fees
Fringe Benefits paid to employees
Freight or shipping costs
Furniture or fixtures
Fire Insurance
Group insurance expense
Health insurance expense
Home office
Interest Expense
Internet hosting and services
Investment advice and fees
Laundry Allowance
Legal fees
License fees
Litigation expense
Losses due to theft, pilferage or embezzlement
Management fees
Materials
Maintenance
Meal allowance
Medical expenses (with plan)
Mortgage interest on business property
Moving/Freight expenses
Municipal/City Licenses
Newspapers and magazines
Office supplies and expenses
Pag-ibig contributions
Parking and toll fees
Pension trusts or plans
Per diems
Philhealth contributions
Professional Fees
Promotion and advertising fees
Pre-incorporation expense
Pre-development
Publicity
Real estate taxes
Real estate related expenses
Rebates on sales
Rent
Repairs
Representaton Expense
Research and development
Retirement plans
Rice Allowance
Royalties
Salaries and wages
Software and online services
SSS Contributions
Stamps and Postage fees
Storage rental
Subcontractors
Telephone
Transportation allowance
Training and/or teambuilding cost
Utilities
Value added taxes
Website design
Workers' compensation insurance
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