Tax Tips: Dirty Dozen – February 2010
Many people in a trade or business usually wonder about a list of tax deductions. What can I deduct and what is allowed. The most important is the expenses you incur in operating a trade or business as long as it is operated to make a profit. An expense is considered to be ordinary and necessary.
Keep good book keeping records by seperating your business expenses into catagories like, capital expenses, expenses for the cost of goods you sell and personal expenses. Capital expenses are normally captialized and depreciated over a 7 year period then being fully deducted at one time, these are known as assets. An accountant can advise you on which way they should be deducted. Expenses for cost of goods would include any raw material, labor costs, etc… in manufacturing the products.
Also on the list of tax deductions can be any business start up costs you incur. Any business assets you purchase and improvements can be deducted.
List Of Tax Deductions | Self Employed
List Of Tax Deductions | Self Employed
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If your place of business is in your home you may deduct part of your home expenses, which includes utilities, repairs, mortgage interest, insurance, property taxes, etc… You may only deduct a percentage of your expenses which is calculated on the square footage space that you use to operate your business.
Included on the list of tax deductions is the business use of your
vehicle. If you use your vehicle for business and personal you may only deduct your portion based on the actual mileage. If your mileage is 10,000 miles per year and 2,500 miles were driven for personal use, your deduction would be 75% for business use. A well maintained mileage log must be keep when this deduction is taken.
Get Information On Small Business Tax Deductions
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It is a good idea to hire a certified accountant that can assist you in the list of tax deductions that are allowed under the tax laws. This will help in advoiding an audit which can be triggered by deducting items that are not allowed.
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