Tax time is right around the corner and as such we thought it would be fitting to review some of the often forgot about business-related expenses that small business owners may overlook when preparing their taxes.
Of course, each business and their tax circumstances are unique so this is just a general guideline as to what type of expenses you can deduct. For specific questions regarding your business, consult with a qualified professional.Don’t forget

1. Business expenses - all ordinary and necessary expenses.
2. Business Entertainment - normally, the law allows the deduction for half of the cost of business-related entertainment.
3. Long term assets - assets you expect to last more than a year: office furniture, computer equipment, medical, dental, or other specialized equipment, buildings, automobiles, and books.
4. Retirement plans - retirement accounts designed for small business owners provide tremendous tax benefits. They allow you to put away a significant amount of money into tax-deferred accounts during your working years.
5. Workers - It’s possible you may be able to deduct most or all of what you pay someone you hire as a business expense. Additionally, expenses associated with hiring an independent contractor who performed services for your business may be deducted as business operating expenses.