Yes, it is! Business owners that rent a building, office space, warehouse, or another type of business property may be able to deduct rental expenses if your space meets eligibility standards.
Percentage deductible: 100%
Eligibility: The property must be used for business purposes in order to be written off.
Example deductions:
Rent paid on business property
Rent paid on a business parking garage
Rent paid on an office space
Special considerations: The IRS claims that if you have or will eventually receive equity in or title to the property in question, rent expenses will not be considered deductible. If you use a home office, you may be eligible to write off a portion of the cost. This expense must be recorded under the home office deduction.
Check out the link below for a list of other tax deductions you can claim this tax season!
https://www.ritbsinc.com/small-business-tax-deduction-list
What questions do you have about tax season? We are here to provide help with tax preparation, accounting, payroll management, and business formation! R&I Tax and Bookkeeping is here to help! You may contact us via our 'Contact' page at https://www.ritbsinc.com/contact. We can also be reached via phone at 253-777-1106.
Osterhaus, E. (2021, February 1). Complete list of small business tax deductions (2021). QuickBooks. Retrieved December 16, 2021, from https://quickbooks.intuit.com/r/taxes/small-business-tax-deductions/