Small Business Tax Help on Deductions, Write Offs, Advice on Taxes and More

1. Start-up Costs:
   Up to $5,000 in start-up plus $5,000 in organizational costs are able to be deducted for the initial year of business. You can write off things like advertising, training costs for employees, travel (that is related to business), and other costs.
2. Education:
   While the IRS has strict guidelines for deducting educational expenses, it still can be done, just be sure to read Publication 970. In general employers can deduct employee educational expenses if the courses are necessary to keep up or improve upon the employees job-related skills. The transportation fees to and from the educational classes may also be deductible.
3. Vehicle(s):
   Vehicle deductions are among the more scrutinized items, so be sure to keep proper records. You can deduct vehicle expenses either by its actual expenses (examples: gasoline and maintenance) or by the mile. You can also write off a newly aquired vehicle (used or new) in one deduction or if you prefer through depreciation.
4. Equipment Purchased:
   Small businesses can take a single deduction up to $112,000 (as of 2007) for equipment purchased. The equipment you purchase can be new or used. Examples or equipment are: computers/laptops, furniture, cars, etc.). However keep in mind property does not count.
5. Entertainment Expenses:
   You can deduct up to half of your entertainment expenses for unreimbursed business meetings. However it must be in a clear business setting, such as a business conference or immediately following a business meeting. Also note that if you are self-employed, the 50 percent deduction limit does not apply.
6. Travel:
   Unreimbursed expenses for travel are deductible. Airfare and other transportation as well as lodging and even dry cleaning can be deducted. You can also deduct expenses for business associates that travel with you.
7. Business Software:
   Software is normally written off over three years (as it will serve your business over the course of this time). However small businesses can fully deduct off-the-shelf software the year it is purchased.
8. Charitable Deductions:
   Partnerships, S corporations and LLC's all require that their members file the company's taxes on their personal forms. C corporations are entitled to corporate deductions.
9. Advertising and Marketing:
   Advertising and Marketing directly related to your business are deductible as miscellaneous expenses.
10. Legal and Professional Fee Deductions:
    Legal and Professional fee's such as lawyer or attorney fee's are deductible as business expenses.