TAX TIP OF THE DAY... Deductible or not?
Don't skip deductions. Treat ALL expenses even remotely related to your work as a business deduction. Let your tax preparer decide which items are not deductible. And given the low statistical chance of audit, it is not rational to purposely skip deductions based upon audit fears. SHARE WITH A FRIEND. If you need tax help... www.baboiancpa.com TAX TIP OF THE DAY... deduct computer & internet
Deduct on-line access fees. Deduct computer supplies such as toner, ink-jet cartridges, paper, usb drives, cds, cd cases, power strips, surge protectors, etc. Deduct computer upgrades, repairs, and extended warranties. SHARE WITH A FRIEND. If you need tax help... www.baboiancpa.com TAX TIP OF THE DAY... business owner charity donations
Contribute in your business name to deduct as advertising expense. Make it clear to the donee that all records should indicate that your business made the donation and deserves any credit (preferably a published sponsor list). SHARE WITH A FRIEND. If you need tax help... www.baboiancpa.com TAX TIP OF THE DAY... standard mileage vs actual expenses
The standard mileage rate yields the greatest business deduction 90% of the time. However, the actual expense method may be beneficial in a year that you a) drive a relatively expensive heavy vehicle over 6,000 lbs, b) nearly 100% for business, c) drive relatively few miles, and d) have excessive repairs or other operating costs. Keep gasoline, insurance, & repair receipts if applicable to your situation. SHARE WITH A FRIEND. If you need tax help... www.baboiancpa.com TAX TIP OF THE DAY... mileage method extras
In addition to mileage expense you can deduct: 1) tolls and parking 2) vehicle loan interest for business owners 3) vehicle accessories (GPS, advertising decals, vinyl lettering, ladder rack, toolbox, bed liner). SHARE WITH A FRIEND. If you need tax help... www.baboiancpa.com |
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AuthorDavid S. Baboian, CPA Archives
February 2018
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