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May 27, 2020
Many small business owners often don’t realize exactly what may be taken as a deduction on their entity’s tax return. Here’s a list of deductions that are commonly missed when completing a tax return:
Travel expenses are 100% tax deductible! This differs from meals and entertainment which can only, at most, be deducted 50%. Examples of deductible travel expenses are:
It’s never fun to think about tax items such as deductions throughout the year, but doing so could result in hundreds or thousands of tax dollar savings. Ensure that records of all these expense are well kept and to what extent they are used for business to make it easier and less stressful come tax time.
Reach out to us if we can help answer questions you have.
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