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foamposites for cheap Small Business Tax Help: Are You Claiming Enough Deductions?

Posted May 22 2013 6:01am

Check to make sure that is the current amount, as it does change occasionally cheap nike foamposite. The other option is to track your total expenses incurred on things like gasoline, repairs and maintenance.

Remember: keep good records. If youre using your own personal vehicle for your small business, make sure you separate the times you use it for business from the times you do not cheap nike foamposite. Include dates, destinations, purpose of the travel, etc.

Read IRS Publication 463 for more info foamposites for sale. And heres an important point: if your employees use a business vehicle while running personal errands, for example, you have have to show this as income to them on their W-2.

A couple of other things to remember: If you bought a new (or previously owned) car, you can take a write-off foamposites for cheap. Youll have to decide if its better to take it in one single deduction or spread out over a period of time through depreciation.

And if that car is a hybrid, you might be eligible for a tax credit. Read IRS Publication 8910 for more details. As always, consult your tax professional for more details.4. Deductions for EquipmentYou have the ability to take a write-off for small business equipment purchases. The write-off can be pretty large in 2006 it amounted to over $100 thousand. And the equipment can be used; the only requirement is that you use it at least half the time for your company. Allowable equipment includes things like computer hardware, machinery, office furniture, automobiles and other related equipment.Make sure you read a current copy of IRS Form 4562 before planning your tax strategy on this point. If you decide you are not going to claim this write-off immediately, you can spread it out over a period of years by claiming depreciation on that equipment. Consult your tax professional for more details.5. Deductions for EntertainmentThe IRS definition of entertainment is pretty flexible. Generally speaking, if you attend a business meeting, for example, and you are not reimbursed for the expenses, youre allowed to write off up to half the entertainment expense. They do caution you that the entertainment must be in a business context. This means if you go to a seminar or conference, thats OK. Also, the entertainment should come immediately before or after the meeting.
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