Keith Gilabert, "Most Overlooked Tax Deductions For Small Business Owners"
by keithgilabert, Window Shopper
- Created: January 6, 2013, 4:30 pm
Here are the 4 most over looked tax deductions for small business owners: 1. Education - I went back to school to take classes on Quickbooks and Excel for my business. Because the continuing education was in my line of work the programs, travel time to class and the classes were deductible. 2. Home Office - Often times a home office is scrutinized but if you have a room used exclusively for business then you can deduct depreciation for the portion of your house used exclusively for your business, as well as a portion of home expenses (e.g., rent, insurance, utilities and maintenance) based on the size of the office area as a percentage of the entire home’s square footage. 3. Health Insurance - If you have fewer than 25 full-time equivalent employees who have average annual wages of $50,000 or less and you pay at least 50% of their qualifying healthcare premiums, then you should take advantage of the Small Employer Health Care Credit. 4. Cell Phones - Communication for a small business owner is a must. You can deduct the cost of having a cell phone for your business under business property. I hope you find this useful. Thank you, Keith Gilabert
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