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15760 Ventura Blvd, Suite 610 Encino, CA 91436
FREE CONSULTATION818-436-2775
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Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

Top Expenses to Deduct for Your New Business

business savings on piggy bank 2

Starting a new business can be particularly challenging and costly. When it comes to growing the business, the same can be said. For this reason, small business accounting in Los Angeles recommends many specific deductions for your new business. Learn what they are so you can save a little money come tax time.

Costs to Start Your Business

The costs to start a new business can be particularly high if you think about it. A new business has to pay for some of the following expenses just to get started:

  • Computers
  • Logo and website design
  • Printed materials
  • Office furniture

The IRS will only let new businesses deduct a certain amount for startup costs. Therefore, it is important to understand small business accounting in Los Angeles so you don’t make a mistake on your tax return.

Travel

To promote your new business, it is likely that you might have to travel more at first. These costs can be deducted on your tax return. Therefore, make sure to keep proper records so that you know how much you spent.

Networking

Part of starting a new business involves networking. This means you might have to pay to attend professional luncheons, go out to dinner with potential clients, and more. These costs can easily add up. Fortunately, you can write them off at the end up the year as business expenses. Just make sure you have records to back up the reason for the meeting.

Fees

Any fees that you encountered to startup your business can also be expensed. These fees can be as basic as a fee for you website or as costly as a membership to a professional group. At the end of the day, all of them matter to your business.

If you are not sure what costs can be deducted to start up your new business, talk with someone who understands small business accounting in Los Angeles so you get your taxes done right.