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Tax Deductions For Your Business

By Frank Crandell

For those who own a small business, there are many tax deductions available if you are prepared. To reduce the amount you owe and save money with the Internal Revenue Service (IRS), here are some things to consider:

Deductions for Start-Up Costs: These deductions are for expenses garnered with you start up your business. You are allowed to deduct up to $5,000 in start-up and up to $5,000 in organization expenses during the first year of your business operation. If the expenses were incurred after Oct. 22, 2004, you can make the deductions. There are various rules if your expenses are made before this date or if the costs exceed $50,000. Any expense that is not covered may be amortized over a 180-month period when you open your business. This can include employee training, advertising, market research and other expenses.

Educational Deductions: for more information, read Publication 970 for everything about educational deductions. As a general rule, employers are allowed to deduct educational expenses for employees if the class work can help improve job-related skills or if that work is required for continued work at the company. For employers who are self-employed, some education expenses like transportation to and from class can sometimes be deducted.

Vehicle Deductions: You must keep very detailed records for this type of deduction. Whether you are deducting based on mileage, gasoline amount or for maintenance, make sure you are keeping records. If you use your personal vehicle for business related reasons, keep a record of how far you went and why. If an employee uses a business car for personal reasons, make sure to note it on their wages and W-2 forms. Did you know that you can even get credits for using environmentally friendly cars? The use of hybrid cars can give you a tax credit of up to $3,150.

Cell Phone Deductions: you can use your cell phone bill as a tax deduction if it’s part of your business. Do not, however, use it for personal calls. Maintain good records and the phone bills as proof that the calls made were for business purposes.

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Article Citation
MLA Style Citation:
Crandell, Frank "Tax Deductions For Your Business." Tax Deductions For Your Business. 2 Jul. 2010. 27 Dec 2014 <>.

APA Style Citation:
Crandell, F (2010, July 2). Tax Deductions For Your Business. Retrieved December 27, 2014, from

Chicago Style Citation:
Crandell, Frank "Tax Deductions For Your Business"

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