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Tax Deductions

Reduce Your Tax Expenses with Help From The Tax Club

The Home Office Tax Deduction:

By having a home office you are entitled to several tax deductions. Did you know you can deduct a portion of your mortgage bills and insurance bills as business expenses?  What about your cell phone bill and land line -- did you know those can also be a home office deduction? These tax deductions can amount to big savings come tax season.  But keep in mind the cardinal rule -- you must keep your office completely independent and separate from the rest of your home.  The office is for office related activities only. Don’t put those tax savings at risk by using your home office for non-work related activities.  Contact us today to make sure that you are positioning yourself properly for taking advantage of these tax deductions.

Business Expenses:

Meals and entertainment, travel, trade seminars, start-up costs -- these are all the types of tax deductions people talk about regularly when starting up a business.  And there’s a good reason for that; these deductions can dramatically reduce your tax expenses and lead to thousands of dollars worth of savings for a new business owner. 

Unfortunately, the tough part is understanding the tax law. The typical small business owner does not necessarily want to spend time figuring out which deductions need to be amortized/depreciated vs. which deductions are recognized currently. The Tax Club’s services are here to unlock that law for you so you can make sure that those business lunches and that computer you bought for your home office are being deducted properly.  Schedule a free consultation with a Tax Club expert to make sure that you are itemizing your expenses properly. 

Deducting Your Vehicle Expenses:

If you use a car, truck or van for your business the vehicle expense deduction can save you money. Included in the vehicle expense deduction are: driving to or from clients' properties, picking up supplies, and miles you drive for your company.  

There are two ways to deduct the cost of vehicle expenses. One way is the "standard mileage rate method," and the other method is called an "actual expense method." For both methods you must keep a mileage log to track your business mileage. However, you can only use one method and can’t always simply switch methods, so be sure to speak with a Tax Club accountant and determine which method is right for you.