Federal Tax

Tax-Deductible Business Supplies

Business owners: You still have a handful of shopping days left to buy tax-deductible supplies. As you know, you can generally write off the ordinary and necessary costs of carrying on a trade or business. You may need items such as paper, envelopes, copier ink cartridges, staplers, breakroom supplies, binders, and more. Buy them by December 31 to get a 2020 tax deduction. You can even charge them on a credit card and pay the bill in 2021 but still deduct them on your 2020 tax return if you make the purchases by New Year’s Eve. Contact the Cg Team for more information. © 2020