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18 Essential Tax Tips for Your Business
So you can keep more of your hard - earned money!
The Home Office deduction is no longer a ‘red flag’ for an audit with proper
documentation you can legally deduct hundreds, if not thousands of dollars of
your home expenses by working from your Home Office.
1. Mileage can be a significant deduction at tax time. Effective
2. By having a Home Office, you will be able to track more mileage because you no longer have a commute to your place of business.
3. Track your spouse’s auto mileage for all miles driven for your business for additional deduction from net income.
4. Don’t lose out on taking a questionable deduction by ignoring it ask a qualified tax advisor ‘how to deduct the item’ Remember every legitimate expense you fail to record costs you dollars out of your pocket.
5. Use specific credit cards 100% for business then you can deduct 100% of all the finance charges and annual fees.
6. Sales meetings, shows or exhibits that include food or refreshments is 100% deductible if it is primarily a business event where business is conducted or you promote your business.
7. Office Supplies can include such items as: Bottled water, Wall Decorations, Magazines, Postage Stamps, Videos, and Emergency Rations (chocolates, beverages, peanuts, candy…)
8. Gifts to clients are 100% deductible but are limited to $25.00 per client per year.
9. Greeting cards used for business purposes are 100% deductible
10. The cost of professional clothing is not a deductible business expense unless it displays your company logo or advertising.
11. Dry cleaning of professional clothing is a deductible business expense.
12. Meals provided for employees is 100% deductible if they are on the business premises and for the convenience of the employer.
13. Occasional meals provided to employees such as a pizza party, annual company party or Thanksgiving turkeys is 100% deductible.
14. You can write off a portion of your Vacation costs if it is combined with a legitimate business trip and you follow all the rules and regulations related to such expenses.
15. Charitable contributions through your business are not a deductible business expense (reduction of net income) unless you are a C Corporation. However, you can deduct those contributions if you use Schedule A Itemized Deductions on tax return your personal.
16. Health insurance premiums are not a deductible business expense (reduction of net income) for a sole proprietor. However, you can deduct 100% of your health insurance premiums (limited to ‘net income’ of your business) as an adjustment to income on your personal tax return.
17. Interstate truck drivers can deduct a larger % of meals (more than 50%) amounts change annually check with your tax advisor for this years percentage.
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