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More Small Business Tax Help – Must-See Tax Deductions
Said in a previous article, I think about how you as a small business owner, can rightly claim many small business deductions as a way to lower your taxes. In this article I’ll give you a few others. Make sure you have included this in your tax planning.
1. Deductions for travel
If you fly somewhere on business and you are not reimbursed for these expenses, you may be entitled to a depreciation. As always, keep a detailed log or diary of your spending. You can related claimsExpenses such as taxis, subway tokens – and even things like dry cleaning expenses. As for the meals, you can write off half of your expenses.
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You can even write off expenses incurred for staff and / or business partners that you are traveling with (friends and family members are out). Your tax professional for further details.
2. Deductions for Software
If your company uses computer software, you can tailor the cost of the software as long as entitlementIt extends a deduction over three years.
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But … § 179 of the IRS rules allow you take the depreciation on computer software, all in the first year, when the software is “off-the-shelf”, in other words, something like Microsoft Office. Your tax professional for further details.
3. Deductions for Charitable Contributions
When discussing this type of deduction, the rules are a bit complicated. For starters, if your small business is a partnership, or if itis classified as an S corporation, or if you are organized as a limited liability company, your members will be tabling the company to your personal tax forms – including donations to charity, you have made. In other words, donations are a “pass-through”, as is the case with the income of the company. C Company are corporate deductions.
[Note: If you do not, what kind of classification do not fall to know your tax advisor or your professionalAttorney.]
OK, now that is out of the way, here are the rules:
You, as a write off individual, 30-50% of your adjusted gross income, as long as the organization you donate to is considered a 501 (c) (3) love or foundation.
READ MORE http://www.taxhelp.pannipa.com/2009/10/22/more-small-business-tax-help-must-see-tax-deductions/
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