Don’t You Claim Office Supplies?
As a small business owner, you probably go through plenty of office supplies. Things like paper for the printer, pens to keep on your desk and even the endless amount of paper clips that you keep in your drawer are all likely tax deductions.
Office supplies qualify as long as they are purchased to actually be used for your business. If you are purchasing supplies like construction paper and crayons, and your business does not relate to using those specific items, this could be a problem down the road.
You can claim office supplies even if you do not claim a home office, in fact. In order to do so, keep a small file in your drawer for receipts of items that you purchase. Then, use them on your taxes at the end of the year. These expenses do help to offset the taxable business income that you have.
Tags: taxable business income
This entry was posted
on Monday, October 22nd, 2007 at 2:16 am and is filed under Tax Tips.
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