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4 Everyday Things Businesses Can Deduct From Their Taxes, But Don't
Just when you think you've paid all of the credit card processing account fees, software, and equipment as well as business meetings and other normal expenses, tax time comes along and seems to take whatever you have left. And, while that isn't exactly true, it sure feels like it. To ease the pain, however, you can deduct several regular business expenses like those associated with processing credit cards to ease the financial blow.
Deduct Your Credit Card Processing Account Fees
Processing credit cards isn't expensive, but you'll find that the small transaction fees do add up when you combine them with setup fees and other charges that accumulate throughout the year. The good news is, even though your credit card processing account costs a minimal amount of money, it's still an operating expense. This means you can deduct a percentage of the total fees from your business' income and get a large portion of this money back.
Software And Computer Programs
Processing credit cards online means you'll likely also need shopping cart software. And, if you time it right, you can deduct this software and any other programs you might need to run your business. However, there's a bit of a trick to this. Since you use software longer than one year, you'll have to split the cost up between three years. However, if you purchase off-the-shelf software, you can deduct the full cost so long as you buy it and use it in the same year.
Deduct The Cost Of Equipment
So long as you'll be using the equipment at least half time for your business, you can claim the cost on your taxes. This includes anything from office equipment, specialty equipment related to your business, furniture, cars, and many other equipment items so long as it's moveable. You also have a choice when it comes to claiming equipment. You can write off the total cost in the same year or you can spread it out over several years and write it off as depreciation.
Fun Business Activities Are Deductible
If you have had important business meetings or have wined-and-dined clients or potential business partners, make sure you hand those receipts into your accountant. Yes, they are deductible! The main requirements are that the occasions were intended for business (of course) and that the event was held in a meeting room, conference room, or other business like locations. Or, the activity can occur immediately before or after the meeting. Self-employed individuals get an added bonus because the standard 50% deduction that others must abide by doesn't hold true for them.
A credit card processing account, equipment, and business meetings are just a few of the expenses you can deduct from your taxes to make them a little easier to handle this year. In fact, most people find that these deductions mean processing credit cards, business deals, and other standard business practices end up being free or very close to it. Now, that's something we can all benefit from!
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