![]() Similar deductions are available for cash-advance fees on credit card transactions. For example, if you need cash to pay a delivery person and have to use the ATM next door, the $3.00 fee, in addition to the one your bank might charge, can be deducted. The good news is that bank fees for your business accounts may be deductible. With bank's fee schedules changing every six months, it’s nearly impossible to remember the terms of every account and when each payment is due. Just be sure to keep receipts with notes about who you were with and the results of every just in case you’re audited. However, you can extend those boundaries to include business-related conversations, networking events that resulted in a lead, or any other dining and entertaining. With that in mind, here are seven tax write-offs small business owners commonly miss when filing:Įveryone knows meals and entertainment are deductible when you are finalizing terms with a client over dinner. One trick is knowing exactly what you can and cannot deduct. With a little tax savvy, you could have an easier time filing for your business and likely pay less to the IRS. Accountants and other fiscal experts often emphasize how smart daily accounting makes for less hassle come tax time.
0 Comments
Leave a Reply. |