The Joy of Business Expenses

          Business owners have opportunities to lighten their Tax load. This is especially true of small business owners. While it requires good record keeping throughout the year, these deductions can be well worth the effort. Here are 2 examples.

          Utilities. On top of being able to deduct rent payments for a business, expenses like telephone, water, and electricity are also able to be used as tax deductions. This is a great way to save money and is an option for those who work from home. Careful records must be kept to separate business use from personal use in the case of a home business.

          Vehicle. There are 2 groups of expenses that can be helpful deductions that are available to be used. However they cannot be used together, it is one or the other, not both. Car mileage can be deducted at the standard rate (54 cents per mile as of 2016). The other option is cost related to business use of the vehicle such as: parking and registration fees, maintenance and repair, gas. Either of these groups can really add up when it’s time to file a Tax Return. It would seem to be a wise investment to have a Tax Professional assist in making sure that there is no money left on the table. What do you think?

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