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Minneapolis Tax Attorney Does Business Deductions Right

Submitted by Tax Tiger on Wed, 11/11/2015 - 6:18 pm

What can be deducted from your business?

Being a business owner has many expenses to take into account. And as the tax season approaches it is good to know exactly what expenses you can deduct from your business. Here are a few expenses that could be beneficial for you to deduct:TAX DEDUCTIBLE

  • Landlines aren’t the only phone that can be deducted nowadays. Cellphones are being used more and more for work so the IRS now recognizes this. If you use your cellphone as a work phone – you can deduct it. The IRS used to not allow cellphones to be deducted because they were used for personal use only. Thank goodness we can handle work on the go now.
  • Most business owners rent an office and conduct business from that location. If that’s the case, deduct the rent.
  • Unlike the bullet point above, some people work from a home office to make a living. For further information on this, get in touch with an IRS tax attorney in Minneapolis.
  • Generally everyone has to wear clothing to work but not everyone has to dress in a suit or wear a company logo. For these specificities, dry cleaning as well as business attire can be added to deductible expenses.
  • If part of your business is to entertain clients, get ready to deduct those expenses. A round of golf and a bite to eat are a couple items that would be deductible. The membership into the golf club where you played – that one’s on you.

Professionals for a reason

The list above is not the only set of expenses that can be deducted – but it is hard to say what can be without knowing your current situation. A tax attorney in Minneapolis, such as Tax Tiger, is a professional tax resolution services that has the ability to help you out with your current business taxes and deduct properly. They can also help you if you have already filed taxes but the IRS is saying you owe money. Contact a Minneapolis tax attorney to find out if your business is eligible for any other deductibles.