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19 Mar 2015
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Small Business Tax Deductions

Starting a new business?  Following are a few of the deductions available to small business owners:


• Organizational and Start-up Costs - $5,000 can be deducted in your first year of business for each type of cost (reduced by the excess of each type of cost over $50,000).  Any remaining organizational and start-up costs are amortized over 180 months.

• Auto Expense – 57.5 cents per mile in 2015, up from 56 cents per mile in 2014.

• Business Meals and Entertainment – 50% of the cost can be deducted when meeting with current or prospective customers.  The primary purpose must be business-related.

• Business Travel – 100% of costs such as plane fare, cab fare and lodging.   The 50% limit applies to meals associated with business travel.

• Credit Card Purchases –Business purchases made with a credit card are fully deductible even if the credit card balance has not been paid.  This applies whether you use the cash method or the accrual method of accounting.   Interest paid on credit card business purchases is fully deductible.


If you have questions about these deductions or any other element of business ownership give us a call at 281-488-2022 to speak with one of our experienced Business Consultants.

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