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Taxes Information |
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Business Tax Deductions
As we enter mid-March, taxpayers begin to become very interested in deductions. Following are a few that you may be entitled to claim. Deductible Expenses · Office expenses · Rent or lease payments · Advertising · Costs of goods sold · Insurance costs · Utilities · Payments to independent contractors [file form 1099] · Accounting fees · Legal fees · Communication expenses · Credit Card Interest for business charges · Travel expenses · Vehicle expenses · Business-related meals and entertainment · Uncollected receivables · Bank fees on business accounts · Interest payments on notes · Excise and fuel taxes · Employment taxes · Real estate tax paid on business property · Special local assessments for repairs or maintenance to business property · Promotional costs that create goodwill such as sponsoring a youth team · Business association dues · Business-related magazines · Casualty losses · Beverage services · Credit bureau fees · Taxi fares · Telephone calls made on trips · Self-employment tax [if applicable] Sales Tax Deduction Option The American Jobs Creation Act of 2004 provides all taxpayers with the option to claim a deduction for state and local sales taxes instead of state and local income taxes. If you purchased a high cost item during 2004, you may find that the total sales tax you pay far exceeds your state income tax payment. If so, you should determine whether you should claim a larger deduction by using the IRS Optional State Sales Tax Tables found in IRS Publication 600. The new sales tax deduction is a windfall for taxpayers in Alaska, Florida, Nevada, Texas, Washington, South Dakota and Wyoming. These states do not tax the income of their residents, which makes the sales tax deduction a very valuable deduction indeed! Regardless, taxpayers in all states should the possibility of claiming a sales tax deduction. Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
MORE RESOURCES: RIVERWOODS, Ill., Feb. 7, 2012 /PRNewswire/ -- As more and more baby boomers are reaching retirement age, they'll have many factors to consider in choosing where to live in retirement, including the tax ... NEW YORK (TheStreet) - Candidate Mitt Romney wants you to believe he will lower taxes while cutting the national debt. But President Romney will need to raise taxes if he is going to have any chance of lowering U.S. debt, according to his former private equity pals. Now a strong frontrunner for the Republican presidential nomination, Romney has repeatedly said that cutting the national debt ... When it comes to taxes, it seems that everyone has an opinion. Whether it's the way they're spent (or misspent), or whether we should pay less (or someone else should pay more), this surprisingly feisty ... WASHINGTON, Feb. 6 (UPI) -- Small U.S. business owners are unhappy with the amount of taxes large corporations and their executives pay, a recent survey indicates. With tax season getting under way, today I'll answer reader questions about property taxes, the new Medicare surcharge starting in 2013 and how to get those old-fashioned paper tax forms. Q: Tony G. asks, "Has anything... Small business owners see corporate tax loopholes and the shifting of U.S. profits to offshore tax havens as serious problems, according to a new independent national poll. Small business owners think big corporations and the wealthy don’t pay their fair share of taxes, the poll shows. Retirees can face hefty taxation if they don't follow certain strategies when managing their money. Using these tactics will help lower the bill. Kevin Drum looks at how regressive taxes are at the state and local level, an issue that doesn’t get nearly enough attention. These strange taxes are making everything from bagels to hot air balloon rides more expensive.  Is it April Fool’s Day? Has somebody in Paris hacked the website at the Organization for Economic Cooperation and Development? Have we been transported to a parallel dimension where up is down and black is white? |
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