Business Tax Deductions
As we enter mid-March, taxpayers begin to become very interested in deductions. Following are a few that you may be entitled to claim.
Deductible Expenses
- Office expenses
- Rent or lease payments
- Advertising
- Costs of goods sold
- Insurance costs
- Utilities
- Payments to independent contractors [file form 1099]
- Accounting fees
- Legal fees
- Communication expenses
- Credit Card Interest for business charges
- Travel expenses
- Vehicle expenses
- Business-related meals and entertainment
- Uncollected receivables
- Bank fees on business accounts
- Interest payments on notes
- Excise and fuel taxes
- Employment taxes
- Real estate tax paid on business property
- Special local assessments for repairs or maintenance to business property
- Promotional costs that create goodwill such as sponsoring a youth team
- Business association dues
- Business-related magazines
- Casualty losses
- Beverage services
- Credit bureau fees
- Taxi fares
- Telephone calls made on trips
- Self-employment tax [if applicable]
The new sales tax deduction is a windfall for taxpayers in Alaska, Florida, Nevada, Texas, Washington, South Dakota and Wyoming. These states do not tax the income of their residents, which makes the sales tax deduction a very valuable deduction indeed! Regardless, taxpayers in all states should the possibility of claiming a sales tax deduction..
Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.10 Things Every Taxpayer Needs to Know About the Pension Law
The Pension Protection Act, signed into law on August 17, 2006, is designed to address the nation-wide problem of under-funded pension plans. The law penalizes noncompliant companies and encourages employee contributions, but many of the changes directly impact taxpayers of all ages, regardless of retirement status.
"Taxpayers will benefit from many of the act's provisions, some of which come in the form of tax breaks, but individuals cannot take full advantage of the tax breaks until the new laws are fully understood," said Michael Smith, Managing Authorized Taxpayer Representative at tax services firm FSI Tax Corp.
The following is a rundown of the most important tax code changes and how they will likely affect taxpayers, as well as retirees.
1. Direct IRA Tax Return Deposits
Taxpayers can now have their tax returns deposited directly into their IRA accounts.
The IRS already offers taxpayers the option to automatically...
10 Things Every Taxpayer Needs to Know About the Pension Law
Tax help > 10 Things Every Taxpayer Needs to Know About the Pension Law
The Future of Tax-Exempt Credit Counseling is Featured Topic at Industry Conference
(ContentDesk) October 27, 2005 -- A featured presentation at the American Association of Debt Management Organizations (AADMO) Fall Conference will examine the denials and revocations of 501(c)(3) tax-exempt status to credit counseling agencies, the non-profit elements of state law, the development of for-profit agencies and the business models that will be required to stay in business. The future of tax-exempt status for credit counseling agencies is the most important issue facing the industry. Given the on-going wave of denials of 501(c)(3) tax-exempt status to credit counseling agencies by the IRS and the its recent announcement that it intends to revoke the status of 20 credit counseling agencies representing half the entire industry by revenue, this may be one of the most important presentations available for credit counseling, said Mark Guimond, Executive Director of the American Association of Debt Management Organizations (AADMO), the trade association for the credit counseling...
The Future of Tax-Exempt Credit Counseling is Featured Topic at Industry Conference
Tax help > The Future of Tax-Exempt Credit Counseling is Featured Topic at Industry Conference
Tax Relief Company Opens Second Office to Meet Growth in IRS Tax Problems
Citizens Tax Relief (CTR), a New Canaan, Connecticut tax relief firm, announced they have opened an office in Los Angeles, California to serve the growing need for IRS tax debt settlement. The firm, led by specialized tax attorneys and financial experts, settles IRS tax debt for qualified individuals and businesses.????
"With the increase in inquiries for tax relief information on the West Coast, we felt it was important to have a presence there," said Terry O'Rourke, CTR President.
There are a number of tax relief programs offered by the IRS today that can help a taxpayer get a fresh start.
However, most taxpayers are not aware...
Tax help > Tax Relief Company Opens Second Office to Meet Growth in IRS Tax Problems
Reign In Rising Employee Health Insurance Costs
(ContentDesk) February 25, 2004--Free Savings Calculator determines ROI for Supplemental Insurance. In recognition of the problem of rising employee health insurance costs,
1st Supplemental Health Insurance has posted a calculator for HR managers to do their homework before presenting to management. The calculator is free and can be downloaded from the link (http://www.1st-supplemental-health-insurance.com/finance.htm).Rising health insurance rates have forced employers to increase co-pays and deductibles to reign in the skyrocketing employer paid costs. The ripple effect is felt by employees, who now must cover the higher out of pocket expenses. Many employers recognize the problem and are evaluating options to offer employee-paid programs which increase the benefits offered by the employer but are paid for by the employee via payroll deduction.
In many cases these programs can...
Reign In Rising Employee Health Insurance Costs
Tax help > Reign In Rising Employee Health Insurance Costs
Help Preserve the California Missions by "Checking-Off" a Donation on your State Income Taxes!
The California Missions Foundation, a non-profit organization dedicated to preserving and protecting the twenty-one California Missions, is currently one of only sixteen charities eligible for voluntary contributions on the 2004 California tax forms. $150,000 has already been raised from donors who checked off a portion of their 2003 State tax refund. Funds donated to the California Missions Foundation will be used for sorely needed seismic retrofitting, artifact conservation, and emergency stabilization. Find out more on the web at www.missionsofcalifornia.org.Preserving and maintaining the California Missions for the benefit of our visitors and schoolchildren is very important, and also very expensive. When doing your 2004 state income taxes, please consider "checking-off" a small amount for the sake of these wonderful historic treasures.
The exact spot on the 540 form for state personal income tax is step 10...
Help Preserve the California Missions by "Checking-Off" a Donation on your State Income Taxes!
Tax help > Help Preserve the California Missions by "Checking-Off" a Donation on your State Income Taxes!
Business Tax Deductions Tax help skirts
Keyword Density And How To Use It To Keep Traffic Flowing To Your Site!
Generating high traffic to your web site can be costly, or not, depending on time and effort you commit to the business.One of the easiest, least expensive and most effective ways to get visitors is via a concept called Keyword Density.Mini Site Profits by Phil Wiley was my first and most valuable introduction to keyword density and would eventually become the focus of my online marketing campaigns.Wiley tells how many search engines spider the Internet for sites containing keywords similar...
laser printer Business Tax Deductions Tax help
Tax help > Keyword Density And How To Use It To Keep Traffic Flowing To Your Site!
plasma Business Tax Deductions Tax help
Business Tax Deductions Tax help skirts
Buying A Diamond For Your Special Person?
The first thing you want to consider when buying a diamond is the price. If the price of the diamond sounds too good to be true, then be very careful?Diamond crystals were created deep within the core of our Earth more than 3 billion years ago and now brought closer to the surface of the earth by volcanic eruptions. Today, more than 250 tons of ore are needed to create just one carat round diamond. Even then, only 20% of all the rough diamonds are suitable even for gem cutting. The rest of the...
Buying A Diamond For Your Special Person? diamond
Tax help > Buying A Diamond For Your Special Person?
Tax help
This page loaded in 0.04696 seconds.