5 Killer Tax Deductions For The Entrepreneur

April 16may have just passed, but now is as good a time as any to start preparing your business to file for next year. That means keeping track of your business expenditures. This weeks ‘Boss 5’ consists of very common tax write-offs for independent business owners. Keep track this year and you’ll see: the cost of business isn’t as high as you think. Here’s our 5 Killer Tax Deductions for the Entrepreneur.

Home/Office.

The IRS allows you to deduct a portion of your home on your taxes for business purposes with two qualifications 1) Regular and excessive business use on the premises 2) Principal place of business.

Meals & Entertainment.

This is the most common write off present in Audits so it’s exceptionally important to make sure and KEEP receipts. If handled properly, this deduction can most certainly help you receive a higher return. Make sure that the meal or event is taking place while you are conducting business.  NOTE: these expenses are 50% deductible, not 100%.

Business Use Of Your Car.

This is pretty straightforward. Receipts are not needed. However, a mileage logbook or tracking of miles is necessary to avoid complications in the event of an audit. This can also be your personal vehicle so long as the trip is business related. As of 2011 the rate is $0.50 per mile.

Education.

This can be continuing education, degree seeking, licensing, or for professional certification. Education can most certainly be a tax deduction

Advertising/Marketing/Contests.

All advertising, marketing, promoting, contests, and events can be included for tax deductions; and is, more often than not, included in many business budgets.

Granted: We at BossStart are anything but tax experts. We hope we’ve brought some useful tips of the trade to your attention. For further information we recommend you consult a licensed tax professional and/or the IRS website.

 

About the Author: Jacob Ballard

Jacob is an Entrepreneur. He is the Co-Founder of BossStart and also operates the web-based business iWebXpert.com. He has a degree in Marketing from USF in Tampa, FL. Jacob uses his experience from founding numerous businesses to enhance the entrepreneurial adventures of BossStart readers.

Related Posts

Join in on the News



Recieve adivce from unique and successful entreprenuers, tips and strategies delivered straight to your inbox!

Leave a comment

Sponsors

Newsletter

Free Advice, News & Updates

Get it all to your Inbox



Categories

Follow Our Tweets