The Forgotten Business Deductions

After working on many business returns, I realized my clients are unaware of some deductions that they are entitled to. I try to send out letters annually to my clients, giving them a checklist of expenses to look out for when tax time comes, so they are prepared and take part in tax savings they are entitled to. Some expenses I noticed that seem to get missed are the following:

• Startup expenses: You can claim expenses related to getting the business up and running.

• Business service fees: Anything that helps your business run, from Advertising costs to your Cellphone plan can be deducted.

• Inventory: Owners can claim deductions for goods that were not paid for. This does not apply to unpaid services.

• Loans / credit cards: If you have interest for business purposes, it might be deductible.

• And more!