Life is expensive, from business expenses to personal expenses to paying Uncle Sam on April 15. Wherever you go, it may seem like your wallet is open. One way to save money each year is to find legitimate tax write-offs that intersect both personal and business expenses.

As a certified public accountant, everywhere I go, even when I'm at dinner with friends, I constantly am asked the question: "So, what can I write off my taxes?"

Surprisingly, there isn't some master list included in the Internal Revenue Code or provided by the Internal Revenue Service. There is simply the tax principle set forth in Code Section 62 that states a valid write-off is any expense incurred in the production of income. Each deduction then has its own rules.

A good CPA should be teaching their clients to think above the line -- that is, your Adjusted Gross Income line. Your AGI is the number in the bottom right-hand corner on the front page of your tax return. Any tax return. And what I mean by thinking above this line is constantly trying to think of any and all personal expenses that may have a business purpose. With a small-business venture in your life and on your tax return, you may be able to convert some personal expenses to business expenses, as long as you have the proper business purpose for that expense.

Seasoned business owners become proficient over the years at keeping good records and realizing when expenses have a legitimate business purpose. For some, this thought process becomes so ingrained that it becomes almost impossible to buy something without first considering a tax purpose for that item or service.

Consult this list of 75 possible tax deductions for business owners. It's just a start and not every one of these items is always a legitimate deduction. For example, you may be able to deduct entertainment expenses, but only when entertaining a client, customer or employee, while also meeting particular IRS rules. Some deductions may only cover a percentage of your expenses, like the aforementioned dinner with clients (usually 50 percent) or the home-office deduction, which is based on the square footage of your office. When documenting, go beyond collecting receipts. If you hire your teenager as an employee, document his or her duties and hours. On parking and toll receipts, write your destination and business reason for the road trip.

You should track every business expense and comb over them with your CPA at the end of the year to ensure you only take legitimate deductions, both to minimize your risk of audit and to have the documentation in place in case the IRS ever comes knocking.

Possible Tax Deductions for Business Owners

Accounting fees

Advertising

Amortization

Auto expenses

Bad debts that you cannot collect

Banking fees

Board meetings

Building repairs and maintenance

Business association membership dues

Business travel

Cafeteria health-insurance plan (requires plan)

Charitable deductions made for a business purpose

Cleaning/janitorial services

Collection Expenses

Commissions to outside parties

Computers and tech supplies

Consulting fees

Continuing education for yourself to maintain licensing and improve skillsl

Conventions and trade shows

Costs of goods sold

Credit card convenience fees

Depreciation

Dining during business travel

Discounts to customers

Education and training for employees (new)

Employee wages

Entertainment for customers and clients

Equipment

Equipment repairs

Exhibits for publicity

Family members' wages

Franchise fees (new)

Freight or shipping costs

Furniture or fixtures

Gifts for customers ($25 deduction limit for each)

Group insurance (if qualifying)

Health insurance

Home office

Interest

Internet hosting and services

Investment advice and fees

Legal fees

License fees

Losses due to theft

Management fees

Materials

Maintenance

Medical expenses (with plan)

Mortgage interest on business property

Moving

Newspapers and magazines

Office supplies and expenses

Outside services

Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes

Parking and tolls

Pension plans

Postage

Publicity

Prizes for contests

Real estate-related expenses

Rebates on sales

Rent

Research and development

Retirement plans

Royalties

Safe-deposit box

Safe

Software and online services

Storage rental

Subcontractors

Taxes

Telephone

Utilities

Website design

Workers' compensation insurance

This article was written by Mark J. Kohler and published in Entrepreneur magazine.