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Last Minute Business Deductions That Are Often Missed
Richard A. Chapo, Esq.

In the rush to get taxes filed, small business owners can often forget simple business deductions that can significantly add up to cut your tax bill. Following is a list of simple deductions that are often missed.

Missed Deductions

Uncollected receivables
Bank fees on bank accounts
Cellular Telephones
Cleaning and laundry services when traveling
Accounting fees for tax preparation services
Separately billed IRA trustee administrative fees
50% of Self-Employment Tax
Subscriptions to Professional Journals
Losses due to theft or embezzlement

In Closing

Please keep in mind that the applicability of particular expenses to your business efforts depends upon the nature of your business. To determine if you have claimed all available deductions on your state and federal tax returns, take advantage of our free review. There is a significant probability that deductions were missed and you paid excessive tax to the IRS and state tax agencies.

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This article is intended to be a general commentary on tax issues. Each taxpayer's situation is unique and it is recommend that you speak with a tax professional regarding your particular situation. If you have additional questions, please contact us.