Hey group, TO EXCLUDE THE WHOLE MEAL DEBATE, what other tax deductions have you heard that are LEGAL for us to use? I say again, not talking about meals because it’s a fine line!! I know you can use any equipment you use exclusive to your job (like a flashlight), but didn’t know of any other deductions aside from equipment.
· 185 business tax deductions You Cannot Take. Similarly to the 185 reasons to not elect S corporation taxation, there aren’t 185 small business deductions that you cannot take. However, we want to start with the crazy things small business owners try to do since it.
The Internal Revenue Service has a simple rule for many personal deductions, including the property tax you pay on your home. You deduct the expense when you pay for it. In other words, you can.
· Are you prepared for taxes? It’s never too soon (or late) to consider all the Realtor tax deductions possible! Have you been keeping tabs on all those coffees, gas miles, and other deductibles in order to save on your tax bill? I know I’ve been a bit lazy this year with my tracking.
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· Rent the house out for two weeks or less and you won’t have to report a cent of income to the IRS — and you can still deduct property taxes and mortgage interest.
Here are 10 pieces of very valuable money advice for newly married couples. advertisement This post originally appeared on The Simple Dollar. If I had to give one piece of advice to married couples,
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Many unmarried couples own a home together, which can sometimes create complications at tax time. If you live with your partner, and the mortgage is in just one partner’s name, only the listed partner can claim a deduction for mortgage payments and interest, even if the unnamed partner contributed to or covered the payments.
Hiring a bookkeeper to help you with this aspect of your business is a write-off and, if you use an accounting firm to file your taxes, you can write off that expense. General write-offs