Overlooked Tax Deductions
During tax season, many small businesses contemplate making their tax payments as small as possible. A great deal of doing this would require a good knowledge of tax deductibles. And for small businesses, knowing what these tax deductibles may greatly help keeping business taxes doen.
Considering that most small businesses today are run from the home, there are quite a lot of tax deductibles that many taxpayers can easily overlook. Although these things might look considerably small items up for deducting on the overall gross income, they pretty much add up to quite a lot in terms of dollars through number crunching. Here are some of the overlooked tax deductions that you might want to consider on your next income tax return.
Business Related Printed Materials
Business books, magazine and newspaper annual subscriptions can be tax deductible provided that they are used for operating or running a business. These can easily be overlooked as tax deductions for many small businesses and of which can also save you quite a substantial amount in tax payments.
Bank Charges and Fees
Small businesses always go through banks for most of their daily operations. Many business owners may not be aware that the fees and charges paid to banks on ATM’s, credit cards as well as other accounts can also be used as tax deductions.
Business Cell Phone
A cell phone being used for business related matters can also be used as a tax deduction. The full cost of the mobile phone can even be deducted if is its use is dedicated to business operations.
Coffee And Office Snacks
You can try and provide you and your small staff with all the coffee they need to stay focused at work and snacks to help them offset hunger while working. They can help not only keep the staff happy but also be used as a tax deduction.
Small office snacks and coffee expenses can be deducted under office expenses. Regular meals usually are not deductible except on cases where staff eating at the office have a business reason to do so.
Internet Access
Internet connection costs can be deducted from taxes but only the portion being used for business purposes.
Website Costs
The expenses of running a business website including the hosting and web design fees and expenses can be used as tax deductions.
Tags: Deductions, Overlooked
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