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!
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/