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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:

Taxes - Google News

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The case for a junk food tax - Vox


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Some kind of government intervention in the food environment probably has to be part of the solution. Taxes have been an effective, though still controversial, approach to curbing the consumption of tobacco, alcohol, and soda. Now researchers from New ...

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4 things to know about the new US tax law - Yahoo Finance


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9 Ways the New Tax Law Affects Millennials - Investopedia (blog)


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The new tax law, the Tax Cuts and Jobs Act, has generated significant buzz as tax experts speculate on how the average American's tax bill will be affected. Some of the most important changes center on key deductions and credits that could have a ...
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Phone, hotel taxes likely to rise in Naperville - Chicago Daily Herald


Phone, hotel taxes likely to rise in Naperville
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"From my perspective, especially with the new federal tax law that caps state and local taxes at a $10,000 deduction, it makes a lot of sense to look for alternative revenue streams other than property taxes," Mayor Steve Chirico said. "I think these ...

Did Cook County's failed soda tax cause sales taxes to fizzle, too? - Chicago Daily Herald


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Did Cook County's failed soda tax cause sales taxes to fizzle, too?
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The decline in tax revenue from August to September is the equivalent of nearly 2 million fewer 2-liter bottles of soda being sold. Receipts from November -- the fourth and final month the sweetened beverage tax was in effect -- aren't expected until ...

The Government's Taxes on Citizens' Free Time - New Republic


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The Government's Taxes on Citizens' Free Time
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When will workers see the fruits of the recently passed Republican tax bill? In just a few weeks, according to the Internal Revenue Service. Last Thursday, the agency released updated tax withholding tables for employers, so that the amount taken out ...
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State of Taxes: Rockland County braces for 2018 tax debate: Tax Watch - The Journal News | LoHud.com


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State of Taxes: Rockland County braces for 2018 tax debate: Tax Watch
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Tax Watch columnist David McKay Wilson looks into the tax debate brewing on many levels in Rockland County in 2018. A decade after borrowing $191 million to pay property tax refunds to a power plant owner, the North Rockland schools still have 20 more ...

Analysis: There's a reason Texas governors keep failing to lower property taxes - Texas Tribune


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Analysis: There's a reason Texas governors keep failing to lower property taxes
Texas Tribune
It's in the Texas Constitution: The state can't levy a property tax. The governor and the Legislature can't lower rates. The state doesn't do property appraisals, either, so they can't mess with the value of any particular property on the tax rolls ...
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Financial Sinkhole States In The Trump Tax Era - Forbes


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Financial Sinkhole States In The Trump Tax Era
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What damage will the loss of a deduction do to blue states with stiff taxes? Do you live in a sinkhole state? There are eight of them, led by California and New York. These are places where the population dependent on the state — for employment ...

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