It can be argued whether or not we live in the greatest country, (traveling to a few foreign counties while serving in the United States Army I would say so). What cannot be argued is the benefit of owning a business. What a business can write off (deductions and credits) is different depending on the type business. With large amounts of write offs afforded to a business, it is a wonder why more people don’t own a business. I would chalk it up to lack of knowledge. Well let’s see if we can fix that. It would take me less time to tell you what a business couldn't write off, but that wouldn’t be any fun. Below is a very small list of what can be legally deducted for business expenses.
Any educational investment directly associated with the business can be deducted. Travel (with limitations of course) directly or indirectly associated with business can be written off. Entertainment (golf outings ,eating out, football ,futbol,(for soccer fans) baseball ,tennis ….you get the picture. Home Office expenses, car expenses just to name a few. As always there is a catch. You must have proper documentation and the deductions have to be supported by the IRS guidelines. Your tax attorney, tax professional or accountant should be able to assist you with the who, what when where and why of the business deductions. I encourage you business owners to aggressively go after the business deductions that are legally yours.
In many cases it could be the difference between paying a large sum in taxes or getting a significant refund.
No comments:
Post a Comment