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Top 7 Small Business Tax Deductions for 2020


By Tierna Unruh-Enos

*Note: This isn’t a comprehensive list of tax deductions available to small businesses (and you need to ensure that your business is eligible for these deductions). While Tell ABQ compiled a list to provide you with potential deductions, it’s always best to work with a certified CPA, who can help you get all of your relevant deductions for your business.

  • Rent. If you rent your office space or a brick and mortar location, the full cost of your rent is fully deductible.
  • Home office. If you have a dedicated workspace in your home (it must be regularly and only used for business), then you are can deduct expenses related to that portion of your home. The simple option is to take $5 per square foot up to 300 feet, but you can break it down as a percentage of the total square footage of your home and itemize your costs related to the space. Take into account electricity, water and any home office costs like printers and other office supplies.
  • Advertising. Promoting your business not only helps grow your business, but it also may shrink your taxes, as these expenses are fully deductible as well. This includes things such as business cards, fliers and digital marketing.
  • Vehicle. As long as you can document and verify that the vehicle is used for business purposes, you can deduct the operation costs like gas and maintenance. As with the home office deduction, you can choose to use the simple deduction, which is 57.5 cents per mile as of 2020, or you can itemize specific costs.
  • Utilities. The basics of keeping your business running are fully deductible as well. You can deduct the costs of utilities such as electricity, water, heat, internet and phone.
  • Travel. Business travel costs are fully deductible. These include flights, hotels business meals and any other transportation costs you have while on a business trip or at a business meeting.
  • Employee salaries. Paying your employees pays off. Their salaries – along with many benefits are tax-deductible.