What items could you deduct from your taxes?
Tax deductions -Pronto Taxx. As a small business owner, you want to be aware of the numerous tax-related terms and rules in order to best handle how to treat your business deductions. But, that’s easier said than done.
Here’s a list of items that can help you differentiate between what constitute a business tax write-off and what don’t.
What SMBs Can Write Off
Bank Service Charges
Advertising and Promotion
Home Office Deductions
What SMBs Can’t Write Off
Professional Accreditation Fees
Salary to Self as a Sole proprietor
Charitable Contributions of Your Home
Penalties or fines you pay for breaking the law
Federal income tax payments
Tax deductions – Pronto Taxx – San Antonio Tx.
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What is a tax deduction?
A tax deduction lowers your taxable income and thus reduces your tax liability. You subtract the amount of the tax deduction from your income, making your taxable income lower. The lower your taxable income, the lower your tax bill