This is the first in a series about tax deductions you may be missing. 

While the list below is specific to C-corporations, some deductions corss over into other entity types - S-corporations, LLCs, and sole proprietors.

*Abandonment of property used for business purposes

*Accounting and auditing expenses, such as:
a) Auditing of your books and accounts
b) Costs of bookkeeping
c) Costs of tax strategy preparation
d) Costs of preparing and filing any tax returns
e) Costs of investigation of any tax returns
f) Costs of defense against IRS or state agency audits or
g) Challenges

*Accounts receivable,worthless

* Achievement awards
a) Longevity award
b) Safety award
c) Sales award

* Advances made to employees or salespeople where repayment is not expected. 

* Advances to employees canceled as bonus

* Advertising expenses, such as:
a) Premiums given away
b) Advertising in:
-Newspaper
-Magazine
-Radio
-Other media
c) Prizes and other expenses in holding contests or exhibitions
d) Contributions to various organizations for advertising purposes
e) Costs of displays, posters, etc. to

attract customers
f) Publicity; generally all costs including entertainment, music, etc.
g) Christmas present to customers or prospects —deminimis rule

*Alterations to business property, if minor

* Amortization 

*Attorney’s fees and other legal expenses involving:
a) Tax strategy
b) Drafting of agreements
c) Defense of Claims against you
d) Collection actions taken against others
e) Any other business-related activity

* Auto expense
a) Damage to auto not covered by insurance
b) Gasoline 
c) Oil 
d) Repairs and maintenance 
e) Washing and waxing 
f) Garage rent 
g) Interest portion of payments
h) Insurance premiums such as fire, theft, collision and liability
i) Depreciation 
j) License plate 
k) Driver’s license fee 
l) Depreciation 
m) Wages of chauffeur 
n) Section 179 deduction, for qualified vehicle 

Check back weekly for other deductions.

Drew Miles is founder of financial education company Pathfinder Business Strategies, LLC. Formerly a New York attorney, he now specializes in tax saving strategies and entity structuring. Visit www.save10kintaxes.com to learn more.