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Tax Deductions that a Small Business can Enjoy

Small business can enjoy a lot of tax deductions. Following is the list of tax deductions that a business can enjoy:

  1. If you are paying employee’s wage in form of cash or property, you can claim a tax deduction
  2. If you are a manufacturing business, then you can get deductions on the cost of goods sold
  3. If you are providing your employees with health benefits, educational assistance or any other non-monetary benefit, you can enjoy tax deductions.
  4. You can get benefit of Auto-Maintenance and mileage; there are two ways to calculate vehicle deductions: standard mileage rate or actual expenses such as gas and maintenance.
  5. The water, power, trash, and telephone bills at your office are all 100 percent deductible as regular business expenses. If you have a phone line that has a mix of business and personal calls, highlight the business calls and deduct only the business related portion of the bill.
  6. Business can deduct the cost of ordinary advertising such as business card purchases, yellow page ads, brochures etc. Expense of promotion costs for good publicity is also deductible.
  7. If a business purchases property, then divide the cost along a time span of more than a year.
  8. The records of pens, papers, staples and other stationary items must be kept.
  9. Amount paid to consultants and lawyers can also be deducted.
  10. Most of the travel expenses are deductible; the expenses such as hotel rents, airfare and other road expenses include the amounts that can be deductable.

My Tax Help MD is one of the reliable and professional tax settlement companies that serve in all kinds of IRS tax issues. Our professional team is able to consult you about the IRS tax process, can provide you IRS tax debt relief, and can also guide you how to save money while paying your taxes.

Call us at 888-557-4020 or contact us online at http://www.mytaxhelpmd.com/contact-us/

By |2016-04-19T23:53:28+00:00April 19th, 2016|Blog|0 Comments

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