Did you know that if you own a business, you can deduct all annual license fees and business taxes you incur in the running of your business? You can also deduct annual dues or fees for membership in a trade or commercial association.
Some examples of deductible fees are:
- Standby charges
- Guarantee fees
- Service fees
- Direct sellers license
- Chamber of Commerce
- Networking organization
- Newspaper, magazine related to your business
- Costco if used to purchase business related items
You cannot deduct club membership dues (including initiation fees) if the main purpose of the club is dining, recreation, or sporting activities.
Do you have a unique deduction but you don’t know if it qualifies? Ask one of our staff by sending a quick email here.