100% Business Deductions

In running your business, it is vital to protect your legitimate income. Even the IRS agrees with this, it is not their objective to tax away the income that you achieve through legitimate business activities and tax deductions. Their only rule is that we must abide by the regulations and laws that have been established. These laws are enacted by congress, and it is the responsibility of the IRS to enforce them.

There are many pages of tax rules and working with a qualified tax accountant to take advantage of them is critical for business owners. Choose an accountant who understands the nature of your type of business or industry to maximize your deductions.

There are some tax deductions that are 100 Percent Tax Deductions, and the rules are universal, meaning that they apply to all types of businesses. Let’s explore first, what can be written off as business expenses, and then what would be included as 100 Percent Tax Deductions.

Business Expenses includes the following that small businesses, entrepreneurs and freelance contractors can write off in filing income tax:

–Office expenses—Rent, utilities, etc.

–Office supplies—Software, computers, paper, and other essentials

–Insurance premiums—Health

–Automotive Expenses—For business use of automobile, or mileage

–Phone Bills—For business use

–Education—Only continuing education courses for an existing business

–Parking expenses—For business trips

–Travel Expenses—Airline, rental cars, and other travel expenses for business trips

–Postage—For business mailing

100 Percent Tax Deductions includes business expenses where IRS rules allow you to claim 100% on your income taxes. Primary categories included as 100 Percent tax deductions are:

–Any furniture purchased that will be used entirely for business use, deductible on tax return in the year of purchase

–Office equipment, including computers, scanners, printers and software, in the year of purchase

–Gifts to clients and employees, up to $25 per year

–Health insurance premiums for self-employed

–Business travel related expenses, including hotels and car rental

–Telephone bills for business

While the above may seem straightforward, please be sure to work with your business tax accountant to verify that your planned expenses are deductible, and which of them are 100 Percent Tax Deductible. As we stated above, they IRS expects that business owners will abide by the rules, and the penalties for failing to do so are significant. The government will allow you to keep all of the income that tax laws provide for but looks dimly on any attempt to claim items that are taxable. We wish you success, and a long and prosperous life for your business.

____________________________________________

I https://www.freshbooks.com/hub/expenses/tax-deductions-small-business

SCHEDULE MY FREE CALL

With Tax Hive’s years of experience in tax and business services, we use our expertise to make your life easier so you can focus on building your business. Ever changing rules require a team who knows you, your business and the tax implications. Our tax professionals meet your needs while helping you manage tax risk, control costs and reap maximum benefit. If you’re ready to get started, CLICK HERE to schedule a FREE strategy session with one of our specialists today.

Get more out of your money, contact Tax Hive today at 1-833-919-19921-833-919-1992!