Tax Credits And Deductions
Business accessibility: If your office has undergone renovations to make it more accessible to differently-abled people, then you can claim credit as long as your small enterprise has less than $1 million in revenue and less than 30 full-time staff members.
Small employer health insurance premiums. If you have paid for your employees’ health insurance coverage, it can be considered a tax credit as long as you have less than 25 full-time staff, the paid premiums are under the SHOP Marketplace, and the paid average annual wages are less than the amount prescribed by the IRS.
Paid leave for medical (such as childbirth) and personal (for spending time with the family) reasons. Eligible small business owners can file this as a credit, which equals the percentage of wages they pay to employees who avail [themselves] of the leave.
Business research and development. Each expense that you incur when preparing to launch your business can be filed as a tax deduction. This could be worth as much as $5,000 as long as it’s related to research and development expenses such as supply orders, employee training and the like.
Depreciation. Your business tools and equipment can deteriorate, and you can claim their wear and tear. These include buildings, cars and trucks, machines and even furniture. The IRS also considers copyright, patents, and software (intangible assets) to be depreciable, too.
Building repairs and maintenance. This is allowed by the IRS only if the amount is not otherwise required to be capitalized.
And there are other deductions such as car expenses, banking fees, charitable contributions, consulting fees, customer discounts, equipment repairs, publicity expenses, gym membership for employees and even newspapers and magazine subscriptions for the company.