Last Minute Business Deductions That Are Often Missed
In the rush to file taxes, small business owners often forget simple business deductions that can significantly cut a tax bill. Following are 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