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5 Tax Deductions Which Businesses Miss Frequently
Generally business owners make the mistake of filing tax returns at the eleventh hour. In the hurry to complete the taxation formalities, they generally miss out on various possible deductions. The main objective of this article is to offer an insight regarding the various tax deductions for business owners which are frequently missed:
Deductions on training courses – Business owners generally undertake certain training courses from time to time to improve their business skills. Entrepreneurs can claim deductions on the costs incurred for attending such courses. But proof of having attended the course should be taken from the institution. But tax deductions are only available on regular courses and not online courses.
Commercial Travel Deductions – Travel expenses related to business purposes are tax deductible. But in this case the expenses must not be too large. For example, a visit by car to a different city for business purposes is deductible, but the same visit by plane will not be deductible.
State Tax Deduction – Either state income tax or the state sales tax are deductible in most of the states. It is necessary to keep a record of these payments to avail the tax deductions in this regard.
Health Tax Credit & Self – Employed Health Insurance Deduction- Self-employed business owners can get deductions on health insurance premiums of their entire family. The employees can also get deductions on the basis of health insurance policies which they have applied for. The Health Coverage Tax Credit ensures credit for up to 72.5% of the premiums paid.
Deductions on charitable donations – Tax deductions are available on donations made to the charitable institutions whether they are in the form of cash or non-cash like clothes etc. The fair market value of the items donated is taken into consideration.
So, it can be concluded that it is necessary to keep track of the commercial expenses, charitable donations and health insurance payments etc, for getting tax deductions.
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