What are the Tax Deductions for Business ventures?
Did you know if you miss or ignore certain Tax Deductions for Business you could be spending money that you really do not need to. LEGALLY.
Helping people start their own businesses by being a Business Coach & Motivational Teacher. Specializes in legal and tax requirements for forming Profit Organizations, Sole Proprietors, LLC’s and Non for Profit Organizations as well as Small Business, Self Employed & Direct Sales business development, management and tax planning! Also enjoys helping new businesses manage, develop and create systems to maximize their profits and discover who they are created to reach in the marketplace! The preferred Accountant for many high level business owners.
Below are the Top 10 most missed tax deductions.
10 – Cell Phone
9 – Business Start-Up Costs
8 – Bank and Credit Card Processing Fees
7 – Interest on Credit Cards and Business Loans
6 – Vehicle Mileage
5 – Postage and Shipping
4 – Self-Employed Health Insurance
3 – Sales Tax on Items that are Given Away for Free
2 – Section 179 Expanses
1 – S-Type Election
One of the simplest ways to reduce your income tax bill is to ensure you’re claiming all of the tax deductions available to your small business. Below you’ll find a comprehensive list of income tax deductions commonly available to sole proprietors, and businesses that are organized as partnerships or limited liability companies (LLCs). Use the links on the left to jump directly to each deduction to learn if it’s relevant to your business, and detailed instructions on how to claim it. And remember, some of the deductions in this list may not be available to your small business. Consult with your tax advisor or CPA before claiming a deduction on your tax return.
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