Last-Minute Tax Deductions
The 2018 tax deadline is coming up quickly, next week, Tuesday, April 17 and there are still business owners who are struggling to get their taxes finished at the last minute. There is no shame in that, it happens, and if this sounds like you, this blog is for you. Our accountants at the Lake of the Ozarks are here to give you a few examples of last-minute tax deductions you may be able to deduct for your business. If you need an experienced CPA to file your taxes for you and your business, call Wilson Toellner CPA or visit our website, www.WTCPA.com. We have four conveniently located firms which are in Sedalia, Marshall, Camdenton, and Lake Ozark. Keep reading for a few key last-minute tax deductions.
Many people may not realize that there are actually several things you can still deduct for your business at the last minute. Here are a few examples.
Travel Costs
Don’t forget to deduct your travel expenses in relation to your business. For example, if you traveled to another city for a work conference, deduct the following (if applicable):
• Mileage
• Car Rental Cost
• Gas
• Hotel Expenses
• Meals
• Airplane Ticket Costs
• Laundry or Dry Cleaning While on Trip
• Baggage Shipping Costs
• Parking Fees
• Taxi Costs
• Business Communication Costs (Phone Calls, Faxes, etc.)
Charitable Donations
If you’ve made any charitable donations from your business throughout the past year, you may be able to deduct them. The organization you donated to must be IRS qualified in order for you to deduct. To see if an organization qualifies, you may try one of the following ways:
• Ask the organization if you can see the IRS determination letter
• Visit the IRS website, https://www.irs.gov/charities-non-profits/exempt-organizations-select-check, and search the organization
• Check the organization’s website to see if the letter is listed there
• Call the IRS to confirm the organization’s status
Home Office Costs
To deduct the home office costs, your home business must qualify in regard to the following:
• You must exclusively and regularly use an area of your home for your business
• Your home office must be the main location for your business
Rules may vary for daycares or other business, so consult with an experienced accountant first, before deducting this cost.
Contact Wilson Toellner CPA now, before it’s too late to get your taxes done before the 2018 deadline. The firm has a staff of 30, including the two partners, 12 CPAs, 12 staff accountants and para-professionals, several administrative, two office managers, and a network administrator, and a training professional. We are all ready to help you. Completing your taxes and making sure they are done accurately takes paying close attention, time, and experience. You may not have the time or knowledge to complete them on your own. That’s where we come in. Call one of our conveniently located firms listed below and we’d be happy to help you.
Last Minute Tax Deductions
Many people may not realize that there are actually several things you can still deduct for your business at the last minute. Here are a few examples.
Travel Costs
Don’t forget to deduct your travel expenses in relation to your business. For example, if you traveled to another city for a work conference, deduct the following (if applicable):
• Mileage
• Car Rental Cost
• Gas
• Hotel Expenses
• Meals
• Airplane Ticket Costs
• Laundry or Dry Cleaning While on Trip
• Baggage Shipping Costs
• Parking Fees
• Taxi Costs
• Business Communication Costs (Phone Calls, Faxes, etc.)
Charitable Donations
If you’ve made any charitable donations from your business throughout the past year, you may be able to deduct them. The organization you donated to must be IRS qualified in order for you to deduct. To see if an organization qualifies, you may try one of the following ways:
• Ask the organization if you can see the IRS determination letter
• Visit the IRS website, https://www.irs.gov/charities-non-profits/exempt-organizations-select-check, and search the organization
• Check the organization’s website to see if the letter is listed there
• Call the IRS to confirm the organization’s status
Home Office Costs
To deduct the home office costs, your home business must qualify in regard to the following:
• You must exclusively and regularly use an area of your home for your business
• Your home office must be the main location for your business
Rules may vary for daycares or other business, so consult with an experienced accountant first, before deducting this cost.
Need an Experienced Tax Accountant at the Lake of the Ozarks to Take Care of Your Taxes for You?
Contact Wilson Toellner CPA now, before it’s too late to get your taxes done before the 2018 deadline. The firm has a staff of 30, including the two partners, 12 CPAs, 12 staff accountants and para-professionals, several administrative, two office managers, and a network administrator, and a training professional. We are all ready to help you. Completing your taxes and making sure they are done accurately takes paying close attention, time, and experience. You may not have the time or knowledge to complete them on your own. That’s where we come in. Call one of our conveniently located firms listed below and we’d be happy to help you.
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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