From iacprofessionals.com/Zimbio we read: Although many tax deductions are well known, there are also many that get forgotten or overlooked by business owners. These deductions can save hundreds or even thousands of dollars in taxes each year, yet often are left off tax returns. Although most tax professionals will hunt down deductions for their clients, sometimes even the most meticulous professionals and business owners miss some deductions.
Fees
There are many fees that are paid out as part of doing business. It is important that all these applicable fees, big and small, are deducted at the end of year. Some fees that business owners can usually deduct are:
There are many fees that are paid out as part of doing business. It is important that all these applicable fees, big and small, are deducted at the end of year. Some fees that business owners can usually deduct are:
- Legal fees, for business legalities in the current year
- Consultant fees
- Bookkeeping and accountant fees
- Credit bureau fees
- Bank fees
- Business association dues or fees
Education
Keeping up with new trends in industry requires that business owners often have continuing education, seminars and trainings to attend. These expenses when related to the business are often deductible. This can include the cost of tuition or fees for classes, software, training videos and other forms of education. Even some books, magazines and audiotapes may be deductible as long as they are used for continued learning purposes that are related to business.
Keeping up with new trends in industry requires that business owners often have continuing education, seminars and trainings to attend. These expenses when related to the business are often deductible. This can include the cost of tuition or fees for classes, software, training videos and other forms of education. Even some books, magazines and audiotapes may be deductible as long as they are used for continued learning purposes that are related to business.
Transportation
Business use of a personal vehicle as well as other costs of transportation such as taxis, buses and trains can often be deducted. Even parking fees and metered parking can be deducted if it was for a business purpose. If a personal vehicle is used to run business errands or to meet with clients, it is important to track the mileage. Keeping a journal in the car or entering the mileage on a smart phone or tablet each time a vehicle is used for business is a good habit to get into. For 2012, the standard mileage deduction was over 50 cents per mile, which can add up to hundreds if not thousands of dollars saved throughout the year.
Business use of a personal vehicle as well as other costs of transportation such as taxis, buses and trains can often be deducted. Even parking fees and metered parking can be deducted if it was for a business purpose. If a personal vehicle is used to run business errands or to meet with clients, it is important to track the mileage. Keeping a journal in the car or entering the mileage on a smart phone or tablet each time a vehicle is used for business is a good habit to get into. For 2012, the standard mileage deduction was over 50 cents per mile, which can add up to hundreds if not thousands of dollars saved throughout the year.
By scouring the deduction list that businesses can use, many business owners may find that they have missed opportunities to write off certain expenses. Every dollar adds up over the year, so taking the time to ensure that every legitimate business expense is used is worth the effort.
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