When you operate a legal entity, you are required to file a tax return at the end of every year. How you account for your business expenses will either help your company get the most back or the least amount to owe the IRS at year end, as long as you record all expenses. Recording all of your expenses is just the first step, however, in getting your data ready for deductions at year end. What many people are unaware of is that on your tax return, for example on your 1120-S return there is a place in your deductions section on your first page, where it gives you a line item for other deductions. This other deductions section is where you will record the total of most of your administrative expenses from your income statement. Other deductions are such expenses as:
| Bank charges | insurance (business) |
| Computer expenses | utilities |
| licenses and permits | |
| Equipment rental | maintenance |
| Office supplies | miscellaneous |
| outside services | parking fees |
| postage and freight | |
| printing and reproduction | |
| legal fees | |
| public relation | |
| telephone | |
| travel | |
| qualified moving expenses | |
| professional fees | |
| meals and entertainment (50% only) |
