As we enter upon mid-March, taxpayers initiate to turn highly
interested in deductions. Following are a few that
you may be appropriate to assertion.

Deductible Expenses

· Office expenses

· Rent or holding payments

· Advertising

· Costs of commodities sold

· Insurance costs

· Utilities

· Payments to free contractors [file manner 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 company accounts

· Interest payments on notes

· Excise and gasoline taxes

· Employment taxes

· Real estate tax freelance on business concern property

· Special area assessments for repairs or mending to
business property

· Promotional costs that compile good will such as as sponsoring
a juvenile team

· Business bond 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 next to the chance to charge a write-down for detail and
local sales taxes as an alternative of enumerate and regional profits taxes.
If you purchased a lofty sum item during 2004, you may insight
that the utter sales tax you pay far exceeds your nation
income tax costs. If so, you should determine whether you
should averment a bigger estimate by victimisation the IRS Optional
State Sales Tax Tables found in IRS Publication 600.

The new sales tax write-down is a edible fruit for taxpayers in
Alaska, Florida, Nevada, Texas, Washington, South Dakota and
Wyoming. These states do not tax the yield of their
residents, which makes the income tax deduction a deeply
valuable supposition indeed! Regardless, taxpayers in all
states should the prospect of claiming a income tax
deduction.

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