Almost every small business purchases office supplies, which are deductible as a cost of doing business, of course. The IRS allows you to deduct “ordinary and necessary” expenses of operating your business. These vary, depending on the type of business you run.
Deductible items include:
- stationery, business cards, printer paper, envelopes, and labels
- staplers, shredders
- tape, pens and pencils, etc.
Bigger ticket items, including office furniture (desks, chairs, waiting room couches, etc.) are also deductible.
Keep a folder with all these receipts and store them all in one place. Many small business owners charge their supplies on their corporate credit cards and download their statements into a spreadsheet. It’s a great idea, but it’s always good to have the original receipts in case you pay for something with cash.
Now what happens if your tax bill is bigger than what you can afford to pay? Biz2Credit can help you with working capital and other funding needs.