Business Accounting

2006-11-09T07:39:00.000-08:00

THE SEVEN DEADLY TAX SINS: COMMONLY MISSED DEDUCTIONS
by: Robert Caulder, Tax Accountant
It's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return.
Before you dig in and get started, take this opportunity to first review a list of a few tax deductions to which you may be entitled if you itemize deductions but most people overlook. Many of these deductions are subject to various limitations, so consider getting professional help from your tax advisor and accountant to determine which deductions you qualify for and which items apply to your specific circumstances. Remember, there are hundreds of deductions throughout the tax laws; many of them can be quite obscure but also quite lucrative. Here are seven commonly missed deductions to keep top of mind: more...

Business Accounting

2006-10-07T22:47:00.000-07:00

SMALL BUSINESS ACCOUNTING AND TAX DEDUCTIONS

Robert Caulder, CPA, Small Business Accounting Pro
As we enter mid-March, taxpayers begin to become very interested in accounting and income tax deduction information from a experienced accountant. Following are a few that you may be entitled to claim as a small business owner.

Tax Deductible Expenses
Office expenses
Rent or lease payments
Advertising
Costs of goods sold
Insurance costs
Utilities
Payments to independent contractors [file tax form 1099]
Accounting fees
Legal fees
Communication expenses
Credit Card Interest for business charges
Travel expenses
Vehicle expenses
Business-related meals and entertainment
Uncollected receivables
Bank fees on business accounts
Interest payments on notes
Excise and fuel taxes
Employment taxes
Real estate tax paid on business property
Special local assessments for repairs or maintenance to business property
Promotional costs that create goodwill such as sponsoring a youth team
Business association dues
Business-related magazines
Casualty losses
Beverage services
Credit bureau fees
Taxi fares
Telephone calls made on trips
Self-employment tax [if applicable]

Sales Tax Deduction Option
The American Jobs Creation Act of 2004 provides all taxpayers with the option to claim a tax deduction for state and local sales taxes instead of state and local income taxes. If you purchased a high cost item during 2005, you may find that the total sales tax you pay far exceeds your state income tax payment. If so, you should determine whether you should claim a larger deduction by using the accounting IRS Optional State Sales Tax Tables found in IRS Publication 600.
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