July 12, 2020  

Business Deductions and Credits


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Tax deductions and credits can substantially lower your business tax liability. The hard part is determining which ones you can take -- and which ones you can't. We have you covered with advice about several common (and not so common) deductions and credits.

Business Deductions and Credits

  • Hiring Workers under the W.I.N. Program - Thanks to the Workforce Investment Act, there are Workforce Investment Network (WIN) job centers that make it easier to find and hire employees.
  • Tax Deductions - Entrepreneurs and small businesses owners should know that the tax code allows you to deduct costs of doing business from your gross income. Therefore, the value that is left after that is what is called your net business profit. This is the amount that gets taxed. Thus, knowing how to maximize the deductible business expenses will definitely lower your taxable profit, which is a good thing for your business.
  • Tax Angles for Small Business Owners - Looking for tax angles for small business owners? Tax-deductible business expenses can help improve your bottomline. Make sure you understand these tax tips for small business owners.
  • Writing Off Bad Debts - As you finalize your business' year-end books, pay close attention to outstanding debts. They could offer a tax break.
  • Tax Deductions for Home-Based Business Owners - Running a home-based business entitles you to a number of income tax deductions. In this article, writer Amy Derby offers some exellent income tax advice for home businesses.
  • Deducting Travel Expenses - If you're a road warrior for your small business, then you should fully understand the nuances of deducting travel expenses. Here's everything you need to know.

  • Small Business Charitable Giving - Looking for small business tax deductions? Small business charitable giving makes a valuable contribution to our quality of life and deducting donations is simply smart business.
  • Home Office Deductions - Is claiming a deduction for my home office legit? It sure is. The home office deduction is one of the better small business tax deductions. Just make sure your really qualify.
  • Section 179 Tax Deduction - Looking for small business tax advice? Section 179 tax deductions are probably the best small business tax deductions around. If you want to lower your taxes this year, this article is definitely worth reading.
  • Deducting Business-Related Legal Expenses - Are legal fees tax deductible? Absolutely. But of course there are a few exceptions on tax deductions for business-related legal expenses.
  • Section 1224 Elections - If you qualify for a Section 1244 deduction, you can deduct between $50,000 or $100,000 from your income and pay less in taxes. What's a Section 1244 deduction? We explain this entrepreneur-friendly tax deduction in simple, easy to understand language.
  • Made in USA Tax Deductions - A sometimes overlooked tax break is one that took effect in 2005 and is designed to reward companies that follow the "Made in the U.S.A" motto. Eligible U.S.-based businesses can claim a deduction for manufacturing products domestically rather than sending the work overseas.
  • Are Parking Tickets Tax Deductible? - Can parking tickets be tax deductible? No. Parking tickets cannot be deducted as a business expense. We explain why parking tickets cannot be used to get a tax deduction.
  • Charitable Business Contributions - It's great to do good and do well at the same time. By making charitable donations you can help a good cause and lower your taxes at the same time.
  • Deductible Business Expenses - If you own a business, you can claim deductions for your business expenses and pay less in taxes. We've got the scoop on what business expenses are deductible.
  • Tax Deductions for Cost of Goods Sold - When calculating business taxes, make sure you correctly deduct the cost of goods sold from your gross receipts to figure your gross profit for the year. Simple, right? Maybe not!
  • Deducting Business Start-Up Expenses - Entrepreneurs play an extremely important role in the U.S. economy. To reward the entrepreneurial spirit, the IRS allows for the deductibility of most business start-up expenses.
  • Deducting Business Equipment Expenses - At some point, it will be time to hit the market for new business equipment. When that day arrives, you'll want to do it in a way that keeps your business tax obligation as low as possible.
  • Small Business Health Tax Credit - If you have no more than 25 employees, each earning an average annual pay of no more than $50,000, you may be entitled to cash in the form of a small business health tax credit.
  • Deducting Business Entertainment Expenses - Entertainment expenses are always deductible on your business' income tax return, right? Not necessarily " and even the ones that are may be subject to deductibility limits.
  • Deducting Car Expenses - For some businesses, car and auto income tax expenses can really add up. But car expenses may be subject to special circumstances that can limit the amount or your deduction.




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