| As we enter tax season, taxpayers begin
| |
| | goodwill such as sponsoring a youth team
|
| to become very interested in deductions.
| |
| | · Business association dues
|
| Following are a few that you may be
| |
| | · Business-related magazines
|
| entitled to claim.
| |
| | · Casualty losses
|
| Deductible Expenses
| |
| | · Beverage services
|
| · Office expenses
| |
| | · Credit bureau fees
|
| · Rent or lease payments
| |
| | · Taxi fares
|
| · Advertising
| |
| | · Telephone calls made on trips
|
| · Costs of goods sold
| |
| | · Self-employment tax [if applicable]
|
| · Insurance costs
| |
| | Sales Tax Deduction Option
|
| · Utilities
| |
| | The American Jobs Creation Act of 2004
|
| · Payments to independent contractors
| |
| | provides all taxpayers with the option to
|
| [file form 1099]
| |
| | claim a deduction for state and local
|
| · Accounting fees
| |
| | sales taxes instead of state and local
|
| · Legal fees
| |
| | income taxes. If you purchased a high
|
| · Communication expenses
| |
| | cost item during 2004, you may find that
|
| · Credit Card Interest for business
| |
| | the total sales tax you pay far exceeds
|
| charges
| |
| | your state income tax payment. If so, you
|
| · Travel expenses
| |
| | should determine whether you should claim
|
| · Vehicle expenses
| |
| | a larger deduction by using the IRS
|
| · Business-related meals and
| |
| | Optional State Sales Tax Tables found in
|
| entertainment
| |
| | IRS Publication 600.
|
| · Uncollected receivables
| |
| | The new sales tax deduction is a
|
| · Bank fees on business accounts
| |
| | windfall for taxpayers in Alaska,
|
| · Interest payments on notes
| |
| | Florida, Nevada, Texas, Washington, South
|
| · Excise and fuel taxes
| |
| | Dakota and Wyoming. These states do not
|
| · Employment taxes
| |
| | tax the income of their residents, which
|
| · Real estate tax paid on business
| |
| | makes the sales tax deduction a very
|
| property
| |
| | valuable deduction indeed! Regardless,
|
| · Special local assessments for repairs
| |
| | taxpayers in all states should the
|
| or maintenance to business property
| |
| | possibility of claiming a sales tax
|
| · Promotional costs that create
| |
| | deduction.
|
