There’s Still Time to Take Advantage of Tax Deductions
With April 15th right around the corner, businesses are scrambling to find any remaining tax deductions. While there’s still time, take a look at the list below of several often overlooked business-tax deductions and see if you qualify for any of them:
Loan interest: If you took out a business loan in the last year, you might be able to take advantage of a sizeable tax deduction. In order to do so, you must denote a part of each payment as your interest expense.
Bad debts: Try to collect any outstanding invoices, because you may still have time to write off the debt and receive a tax deduction.
Amortization of intangible assets: Examples of intangible assets include things like logos, trademarks and customer lists. If you amortize them over a certain number of years, it can help lower your taxable income today.
Business use of a personal vehicle: You’d be surprised what all counts as business expenses. Even the miles you drive to meet your accountant can be deducted.
Home office space: If you use a portion of your home for work purposes, you may be able to write off a portion of your home’s utility, rent and other payments.
For more potential tax breaks, please visit Entrepreneur.
*To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or tax related matter.