Tips from Monday, March 30, 2009
The Small Business tips today will cover tax deductions you don't want to miss.
- All office supplies can be deducted. These expenditures can offset your taxable business income.
- Your car's mileage, lease payments, gas, repairs and insurance are deductible. Remember detailed documentation!
- The entire cost of a hotel stay is tax deductible! The entire cost of travel is too! Eating out is only 50% deductible though.
- Your business phone expenses are 100% deductible as well. IRS assumes you already have a phone, so tally accordingly!
Daily Overview: Don't cheat on your taxes, but that doesn't mean you should cheat yourself. Take every deduction you can.
I am not a tax professional and have attempted to condense sometimes complicated and detailed tax deduction tips into 140 characters per line. My interpretation may not be exact. Please contact a tax professional when doing your taxes.
Some of the information above was obtained at Bankrate.com.
Please contact the IRS online or via telephone for all of your tax
IRS Telephone Assistance for Individuals: Toll-Free, 1-800-829-1040
IRS Telephone Assistance for Businesses: Toll-Free, 1-800-829-4933
IRS Telephone Assistance for Exempt Organizations, Retirement Plan Administrators, and Government Entities: Toll-Free, 1-877-829-5500