Weekly Tax Tips June 17th

Weekly Tax Tips

June 17, 2024

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Trivia Question❓

Why is it beneficial for businesses to keep accurate and detailed financial records throughout the year?

Answer at the bottom of the newsletter

Maximizing Tax Deductions: Common Deductions Every Business Should Know About

When it comes to reducing tax liabilities, understanding and leveraging available deductions is crucial for any business owner. However, many deductions often go overlooked. Here's a rundown of some of the most commonly missed tax deductions and tips on how to ensure your business takes full advantage of them.


Home Office Deduction: If you run your business from home, you may qualify for the home office deduction. This allows you to deduct expenses related to the portion of your home used exclusively for business purposes. This includes mortgage interest, utilities, insurance, and repairs. Ensure you keep detailed records and a clear boundary between personal and business spaces to qualify.


Vehicle Expenses: If you use a vehicle for business, you can deduct related expenses. This can be done using the actual expense method, which tracks costs such as gas, maintenance, and depreciation, or the standard mileage rate. Choose the method that offers the most significant deduction and keep meticulous mileage logs and receipts.


Office Supplies and Equipment: Everyday expenses such as paper, pens, and computers are deductible. Additionally, under Section 179, you can deduct the entire cost of qualifying equipment purchased or financed during the year, instead of depreciating it over several years. Keep all receipts and purchase records to substantiate these deductions.


Travel Expenses: Business travel expenses, including airfare, hotels, meals, and transportation, are deductible. Ensure the primary purpose of the trip is business-related, and keep detailed records of your itinerary and expenses. Remember, only 50% of meal expenses are deductible.


Educational Expenses: Investing in education for yourself or your employees can be deducted if it maintains or improves skills required in your business. This includes courses, seminars, and related materials. Ensure the education is directly related to your current business to qualify.


Marketing and Advertising: Expenses incurred to promote your business, such as advertising, website costs, and social media campaigns, are fully deductible. Track all marketing expenditures to ensure you capture these deductions.


By understanding and diligently tracking these often-overlooked deductions, you can significantly reduce your tax burden and keep more of your hard-earned money. Consult with a tax professional to ensure you are maximizing all available deductions and staying compliant with tax laws.

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Yet most CPAs prepare your property taxes the exact same way.
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💡 Answer to Trivia Question:

Accurate and detailed financial records help businesses identify all eligible deductions and credits, ensuring they maximize their tax savings and comply with tax laws.