How Corporations Take Advantage of Offshore Tax Havens
Posted by Highbaugh Tax/Tami Highbaugh-Abdullah | Posted in Business Tax Deductions | Posted on 15-05-2011-05-2008
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General Business Tax Deductions
Posted by Highbaugh Tax/Tami Highbaugh-Abdullah | Posted in Business Tax Deductions | Posted on 21-03-2011-05-2008
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A good number of my clients own businesses and having a Business Tax Checklist helps them gather all their information together when it is time to prepare their taxes. Below I have compiled a list of general tax deductions for businesses. Every business is different therefore, it is best to talk to your tax accountant to ensure you are claiming everything.
1. Accounting or Bookkeeping Fees
2. Automobile Expenses – with this deduction you must use mileage or actual expenses, talk to your tax accountant to see which is best to use, ensure you keep record of both.
a. Mileage
b. Repairs
c. Insurance
d. Gas/Oil
e. Car Washes
f. Tags / Registrations
g. Vehicle Purchase
h. License
i. Parking / Toll Charges
j. Drivers Training Expense
3. Business start up costs
a. Incorporation, LLC, or Partnership Set up costs
4. Advertising
a. TV, Radio, Print, Internet
b. Billboards
c. Promo Products
d. Automobile signs
e. Market research
f. Mailing lists
g. Business Cards
h. Trade Show Costs – Booths
i. Search Engine Optimization
j. Paid Internet Marketer
k. Flyers
5. Bank Charges for your business account
6. Internet Access Charges
7. Charitable Contributions
8. Continuing Education/Seminars/Training
a. Books
b. Tuition
c. cd’s and dvd’s
d. Business starter kits
e. Webinars
f. Conference Calls
9. Commissions and Fees
10. Delivery, Postage, Shipping Costs
11. Dues to Clubs, Organizations, or Associations for Business
12. Entertainment Costs
13. Equipment purchases
14. Fax line
15. Insurance Premiums
16. Interest Expense
17. Laundry / Dry Cleaning – Depends on your occupation ask your tax accountant to be sure
18. Legal Fees
19. Offices Supplies
20. Property Taxes
21. Protection Costs such as an alarm for the office
22. Rent
23. Repairs / Maintenance
24. Subscriptions
25. Telephone / Cell Phone used for business
26. Travel
27. Landscaping and snow removal
28. Utilities
29. Wages
Tami Highbaugh-Abdullah
Highbaugh Tax
317.345.4182