Tax Credits That Small Business Owners Forget About!
When it comes to tax write-offs most people think of child care expenses and child tax credits, but those are all tax credits. This is a list of some of the most common tax write-offs that are overlooked every year.
Donating your old clothes or appliances to Goodwill or the Salvation Army is a great way to assist someone less foutunate then you and put some money back in your pockets when tax time rolls around.
Tiding to Church
Yes, Tiding to church is a taxable write-off so I strongly suggest you start putting checks in the collection basket when it is passed around to keep a paper trail on how much money you have given to your church every year.
Business owners with home office
Having a small business is very challenging financially, but taking advantage of having an in home office can save you big time when Uncle Sam comes around with his hand out.
Work related expenses.
If your employer requires you to maintain a uniform or have certain supplies that they have not provided to you then you might be witting on a gold mine of write-offs. (Example: Steel toe shoes, Dry cleaning bills, and office supplies.