Username:   Remember Me
Password:  

Uber Articles {Über (ger) adj. above, beyond }

- Above and Beyond a Mere Article Directory

 
 

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.

Need a business cash advance? The experts at MerchantLoans.com can help.

Article kindly provided by UberArticles.com

Topics: Taxes | Comments Off

Tags: , , , ,


Article Citation
MLA Style Citation:
Crandell, Frank "Tax Deductions For Your Business." Tax Deductions For Your Business. 2 Jul. 2010. uberarticles.com. 27 Dec 2014 <http://uberarticles.com/finance/taxes/tax-deductions-for-your-business/>.

APA Style Citation:
Crandell, F (2010, July 2). Tax Deductions For Your Business. Retrieved December 27, 2014, from http://uberarticles.com/finance/taxes/tax-deductions-for-your-business/

Chicago Style Citation:
Crandell, Frank "Tax Deductions For Your Business" uberarticles.com. http://uberarticles.com/finance/taxes/tax-deductions-for-your-business/


Reprint Rights

Creative Commons License
This article is subject to a revocable license under a Creative Commons Attribution-No Derivative Works 3.0 Unported License, which means you may freely reprint it, in its entirety, provided you include the author's resource box along with LIVE VISIBLE links (without "nofollow" tags). We may revoke the license at any time with or without cause. You must also include the credit to UberArticles.com.

Comments are closed.

Disclaimer
Uber Articles and its partner sites cannot be held responsible for either the content nor the originality of any articles. If you believe the article has been stolen from you without your permission, please contact us and we will remove it immediately. If you have a problem with the accuracy or otherwise of the content of an article, please contact the author, not us! Also, please remember that any opinions and ideas presented in any of the articles are those of the author and cannot be taken to represent the opinions of Uber Articles. All articles are provided for informational purposes only. None of them should be relied upon for medical, psychological, financial, legal, or other professional advice. If you need professional advice, see a professional. We cannot be held responsible for any use or misuse you make of the articles, nor can we be held responsible for any claims for earnings, cures, or other results that the article might make.
  • RSS Feed

    RSS for Taxes