Top 15 Tax Deductions That You Cannot Afford to Miss

(1) Business Startup Costs:
Deductions are available to business owner for their business startup costs  and organizational costs. The catch here is the limit of deductions varies and whether your business is eligible to claim this benfit. Consult a professional tax advisor to guide you on this.

(2) Home Office:
A home office must be a separate room in business owner’s home to do business and accounting. Part of a living room or bedroom will not count. A percentage of utility Bills, home owners insurance, property tax, mortgage interest, refinance fees, repairs and maintenance, cleaning supplies, office decor, etc. are deductible. Find out the percentage by dividing the square footage of the office by the square footage of the entire house.

(4) Research and Experimental Costs:
Costs of research and experimentation may be deductible, if it is chosen not to list them as capital (long-term) expenses. There are many restrictions and qualifications relating to this deduction.

(5) Mileage or Vehicle Used for Business:
There are two ways to find deductions available for vehicle expense. One is to take the mileage: basis use when picking up product, supplies, office supplies, meetings, handing out advertising or business cards, meals and entertaining clients, etc. The other way is to take the expense of using the vehicle: fuel, parts, mechanics, oil changes, etc. Along with taking expenses, one can also depreciate the vehicle and get deduction on it.

(6) Retirement Plan Costs:
Small business owners who have recently established a retirement plan for the business, may be eligible to receive a non-refundable tax credit for expenses incurred to implement the plan. The tax credit may be claimed for a maximum period of three years for retirement plans established after 2001.

(7) Advertising & Promotion Cost:
Expenses with regards to making and printing/publising of Business cards, newspaper ads, information packets handed out, free samples, flyers, product testing, videos and CD's all can be claimed under business expenses. Also remember any money paid to hire temporary help to distribute flyers, product, stuffing envelopes or for even cleaning office and car, etc. can be claimed under business expenses.

(8) Communication Expenses:
Expenses and charges with regards to Cell phone, long distance calls on home phone, extra phone lines into home for business, fax or Internet can be claimed as deductions.

(9) Carrying Charges:
Carrying charges are fees and interest on property. Some carrying charges may be deductible if they are not capitalized. Details can be asked from a professional tax planner or advisor.

(10) Dues and Subscriptions: 
Subscriptions to professional organizations and magazines that have to do with particular trade or business can be part of deductions.

(11) Educational Expenses:
Classes or seminars that improve business can be claimed under deductions.

(12) Gifts:  
Gifts to clients and associates are deductible.

(13) Laundry and Cleaning:
This includes uniforms and Protective clothing and also owner’s clothing when they go out on touring for business purpose.

(14) Travel expenses related to Business:
Any business travel related expenses such as hotels, airfare, cab-fare, parking, and cleaning while away from home can be claimed as deductiosn. A trip log is required to claim such deductions.

(15) Disability Access Costs:
Incase improvements or remodeling has taken place for business facility to accommodate customers and employees who have special requirements, then business becomes eligible for a deduction for such expenses.