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Little Known Tax Deductions That Can Save You Big
Copyright 2004 Diane Hughes
When you say "end of the year", most small business owners
think of two things immediately. The *second* is the
holidays. The *first* is taxes! While almost all of us pay
taxes quarterly, we still have to file in January. That
means November and December are spent getting ready. When
you're gathering all your information together for your
accountant, don't forget about these regularly overlooked
deductions.
Mileage
Sure, most of us already know that we can deduct a mileage
allowance from our taxes. However, many of us (especially
dot coms who don't travel much) don't bother to keep track
of our travels thinking it won't be worth the trouble. Oh,
but it is!
I had the same mind-set, but - at the urging of my
accountant - decided to keep track and see for myself. I'll
never neglect to do it again! Even though almost every
place that I travel is nearby, when I added up all the
10-mile trips to the office supply store, the bank, etc.,
it turned out to be a hefty total. Haven't kept track this
year? Start now.
Go back and look for deposits in your check register. This
would have meant you traveled to the bank on that date...
write it down. Do you have receipts from the office supply
store? You must have traveled on that day, too. Write that
down. Keep all your information on a log sheet with the
date, number of miles traveled round trip, and the purpose
of the drive (i.e., office supply store, bank deposit,
etc.). You'll be pleased to find that even short, weekly
trips all throughout the year can add up to 800 - 1,000
miles or more. Multiply that times the 2002 allowance of
36.5 cents per mile and you get a $292 - $365 tax deduction!
Bad Debt
Did you sell products or services to someone who did not
pay you? Have you tried to collect the money without
success? You can write those losses off and get a deduction
for them. No, it won't equal the total amount of the money
you lost, but it is better than nothing.
Simply gather the information about the sale, the invoice
you submitted to the customer, and documentation of your
attempts to collect the amount owed. You do not have to
file bad debt deductions in the same year they occurred, so
if you have old losses, gather the information now so you
can include it on your 2002 return.
Travel
Almost any trip can become a business trip if you plan it
right. Even if you're traveling to your 20-year high school
reunion, you can write off your travel expenses IF you play
your cards right.
While mingling with your old chums, collect some business
cards, and hand out a few of your own. Ask people what they
do for a living (in tax talk that relates to "market
research"), and set up a phone call or two for when you
return home.
I know one woman who took a pleasure trip to England.
However, while she was there, she took tons of pictures of
museums, landscapes, etc. She gathered brochures and picked
up some information from a few local vendors. She used
these things to justify her trip as business travel for her
set design (theater) company.
No, you don't have to spend the entire trip talking/doing
business. Just be able to document that you did some
business while you were there. You can also take deductions
for lodging and meals while you're on your trip so save
your receipts!
As you can see, there are many tax deductions available to
you. To find out about more, set up a "pre-tax" appointment
with your accountant or tax pro. They can give you
information on additional tax deductions that might apply
to your particular industry. When you add up all the small
stuff, you can end up with some major tax savings!
About the Author:
Diane C. Hughes * ProBizTips.com
FREE Report: Amazingly Simple (Yet Super Powerful)
Ways To Skyrocket Your Sales And Build Your Business
Into A Tower of Profits! ==>>
http://madmarketer.com/diane
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BUSINESSMATE EZINE is published and edited by
Jess Guim, MCSE. |
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