Tarrant Texas Business Deductions Checklist

Name: Tarrant Texas Business Deductions Checklist
Brand: US Legal Forms
Rating: 4.56 (367 reviews)

Category:

Small Business - Checklists

State:

Multi-State

County:

Tarrant

Control #:

US-03043BG

Format:

Instant download

Description

Small business owners looking to take advantage of income tax deductions should be familiar with the expenses they are entitled to claim. The following checklist can help you become aware of what constitutes a tax deductible expense. A complete list of deductible expenses is actually quite extensive and may vary depending on the unique circumstances of your business. Therefore, before making any decisions, you should consult with your accountant or professional tax consultant.

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Types of Deductible Expenses Self-Employment Tax.Startup Business Expenses.Office Supplies and Services.Advertisements.Business Insurance.Business Loan Interest and Bank Fees.Education.Depreciation.

The IRS defines a business expense as the cost of carrying on a trade or business. At tax time, you'll go through your business expense categories and determine which costs you can deduct....For example: Rent and utilities. Office supplies. Vehicle costs. Employee wages or salaries. Interest payments. Insurance. Taxes.

Rent and depreciation on equipment and machinery. If you lease equipment or machinery for your business you can fully deduct these costs.Office supplies.Office furniture.Software subscription.Advertising and marketing.Business entertainment.Travel expenses.Employee salaries.

The Essential Budget Categories Housing (25-35 percent)Transportation (10-15 percent)Food (10-15 percent)Utilities (5-10 percent)Insurance (10-25 percent)Medical & Healthcare (5-10 percent)Saving, Investing, & Debt Payments (10-20 percent)

The equipment, vehicle(s), and/or software must be used for business purposes more than 50% of the time to qualify for the Section 179 Deduction. Simply multiply the cost of the equipment, vehicle(s), and/or software by the percentage of business-use to arrive at the monetary amount eligible for Section 179.

Business expenses list Rent or mortgage payments. Office equipment. Payroll costs (e.g., wages, benefits, and taxes) Advertising and marketing. Utilities. Small business insurance. Depreciation. Taxes.

Office supplies, credit card processing fees, tax preparation fees, and repairs and maintenance for business property and equipment are also deductible. Still, other business expenses can be depreciated or amortized, meaning that you can deduct a small amount of the cost each year over several years.

Some other business expenses you can't deduct include: Gifts: You can't deduct the entire cost of business gifts. But, you are allowed to deduct the first $25 worth of gifts to clients. Penalties or fines: You cannot write off the costs of any penalties or fines, even if these are incurred during business activities.

Small-business owners should categorize their expenses in two ways: one for internal financial reporting and one for annual tax filings. The business expense categories for taxes are different from the categories for determining overhead, selling and administrative expenses, and production costs.

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Tarrant Texas Business Deductions Checklist

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