A Business Management Conference Can Help You Learn the Latest Tax Deductions
If you own a small business, knowing all of the new tax deductions the IRS is offering this year is going to help you a great deal. It could even mean the difference between ending the year in the black or the red, so attend a business management conference that addresses this complex issue, or simply read on. Here we list four new tax deductions that could save you thousands:
- Deductions for start-up costs. Up to $5,000 in start-up costs and the same amount in costs for basic business organizing can be written off for the first year of your business.
- Deductions for education. Employee educational expenses can be deducted by the employers, but be sure to carefully peruse IRS publication 970 for the details.
- Vehicle expenses can be deducted by the mile at 44.5 cents per mile, or in terms of actual expenses like gas and upkeep charges. Keep very accurate records, however, as these are closely scrutinized.
- Up to $108,000 can be deducted by small businesses for equipment purchases, whether that equipment is new or used. Be sure to fill out the appropriate forms and read the right documents to ensure that you are taking the deduction accurately.
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