deductions

Regardless of whether you are a sole proprietor or the owner of a corporation, you must file taxes. Most people have the typical deductions down. Business owners can deduct their mileage and other auto expenses, office rental, employee wages, and contract labor. But did you know there are a plethora of other things that you may be able to deduct on your taxes? Keep reading to learn about some surprising tax déductions.

Advertising- Any money spent on branding, business cards, signage, advertisements in newspapers or magazines, etc. are fully deductible. This even includes the little candies you give away at your trade show booth.

Gym memberships & Pools – The costs you incur to exercise can be deductible if your … Read more →

Want the attention of the IRS? All you have to do is make personal transactions on your business account. RED FLAG!

It’s called commingling funds, and it can get you into big trouble at tax time.

No, pleading ignorance will not save you.

What’s The Difference?

Expenses associated with personal products or services, living expenses, or family expenses are not business expenses and generally non-deductable. Buying a new TV, even if you watch a program or two focused on your industry, is no more a business expense than taking Grandma to dinner.

However, if you have expenses that are partly personal and partly business, as long as you divide the total cost appropriately, the IRS permits deduction of the business … Read more →

What expenses can you claim? Tax codes can be overwhelming. Navigating the always changing, always gray area of deductions can give even the most experienced tax advisors a migraine. However, if you learn how to play your deduction cards right, you’ll find yourself keeping a lot more money than you might expect. This can be especially true when it comes to medical deductions. With just a few, simple adjustments to your tax strategy, it can almost feel like the IRS is paying people to get healthy!

Here are 9 wacky medical deductions that actually worked:

Alternative medicine: The IRS approved a deduction for a Navajo healing ceremony, a series of songs and chants performed to lessen pain and break curses.… Read more →

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