5 Purchases That Are Tax-Deductible

A tax-deductible purchase can be anything your business owns that you can lawfully subtract from your taxable income to lower the overall amount of taxes you owen. Whether you own a startup or a well-established organization, being a business owner, your ultimate aim should be to save as much money as possible. This is where knowing all types of tax-deductible purchases works to your advantage. Here is a list of 5 tax-deductible purchases.

1. Bank Fees

Bank charges that you pay for your business account, in terms of ATM charges, overdraft fees, payment processing fees, and even check printing fees, are tax-deductible expenses.

2. Office Furniture

All the furniture within your workspace (including the tables, chairs, desktops, cupboards, etc.) is a tax-deductible purchase.

3. Utilities

The utilities that are solely used to run your business operations are tax-deductible expenses. However, if there are utilities that you use for both personal and business use, you will have to subtract a portion of the cost, depending on how much of the utility is used by your business.

4. Software Subscription

Any app or software subscription used for running your business operations is qualified as a tax-deductible purchase.

5. Office Supplies

Though one of the most under-looked tax-deductible purchases, any of the supplies you use in your everyday practice (business operations), such as staples, writing pads, paper, glue, or pens, are all tax-deductible. Note that this also includes any cleaning and healthcare supplies used for your business.

Hire an Online Bookkeeping Service Professional Today!

Do you need more advice about tax-deductible purchases/charges for your dental business? Dental Bookkeeping has you covered. They will carefully study your records and design a financial strategy to improve and track the growth of your dental practice. For more information on remote bookkeeping services, contact us right away!

Archives