| As we enter mid-March, taxpayers begin to | | | | · Real estate tax paid on business |
| become veryinterested in deductions. Following | | | | property |
| are a few thatyou may be entitled to claim. | | | | · Special local assessments for repairs or |
| Deductible Expenses | | | | maintenance tobusiness property |
| · Office expenses | | | | · Promotional costs that create goodwill |
| · Rent or lease payments | | | | such as sponsoringa youth team |
| · Advertising | | | | · Business association dues |
| · Costs of goods sold | | | | · Business-related magazines |
| · Insurance costs | | | | · Casualty losses |
| · Utilities | | | | · Beverage services |
| · Payments to independent contractors | | | | · Credit bureau fees |
| [file form 1099] | | | | · Taxi fares |
| · Accounting fees | | | | · Telephone calls made on trips |
| · Legal fees | | | | · Self-employment tax [if applicable] |
| · Communication expenses | | | | Sales Tax Deduction Option |
| · Credit Card Interest for business | | | | The American Jobs Creation Act of 2004 |
| charges | | | | provides alltaxpayers with the option to claim a |
| · Travel expenses | | | | deduction for state andlocal sales taxes instead of |
| · Vehicle expenses | | | | state and local income taxes. |
| · Business-related meals and | | | | If you purchased a high cost item during 2004, |
| entertainment | | | | you may findthat the total sales tax you pay far |
| · Uncollected receivables | | | | exceeds your stateincome tax payment. If so, |
| · Bank fees on business accounts | | | | you should determine whether youshould claim a |
| · Interest payments on notes | | | | larger deduction by using the IRS Optional |
| · Excise and fuel taxes | | | | State Sales Tax Tables found in IRS Publication |
| · Employment taxes | | | | 600. |