3 Deductions To Consider
Tax Day will be here before you know it! April 15th is less than 2 months away and our Mid-MO CPA firm wants you to be prepared. Keep reading this week's blog for a few types of deductions to possibly consider when you go to do your taxes this year if you haven't already. Need help from an experienced tax professional in Central MO? Call Wilson Toellner CPA today. We have four locations throughout Mid Missouri and you can find all the addresses, directions, and phone numbers on our website at www.WTCPA.com.
1. DO YOU WORK FROM HOME AT ALL?
If so, there's a good possibility that you can deduct some of the costs of working from home. To deduct the home office costs, your home office must be the main location for your business and you must exclusively and regularly use an area of your home for your business. Please be aware that rules may vary for daycares or other business, so consult with an experienced tax accountant in Central Missouri first, before deducting this cost.
2. HOW OFTEN DO YOU TRAVEL FOR WORK?
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):
• Airplane Ticket Costs
• Laundry or Dry Cleaning While on Trip
• Baggage Shipping Costs
• Parking Fees
• Taxi Costs
• Business Communication Costs (Phone Calls, Faxes, etc.)
• Mileage
• Car Rental Cost
• Gas
• Hotel Expenses
• Meals
3. DO YOU DONATE TO CHARITIES?
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:
• Check the organization’s website to see if the letter is listed there
• Call the IRS to confirm the organization’s status
• 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
We understand that doing your own taxes can be stressful if you don't have the experience to do them properly. You could be missing out on so much. Call the Mid-MO tax professionals today at Wilson Toellner CPA. We take a proactive approach, rather than a reactive one, when it comes to tax preparation. You can count on us to be experts on the continuously-changing tax landscape and to always be in a position to identify opportunities to minimize your current and future tax liabilities. We work year-round to provide tax strategy to individuals, corporations, partnerships, LLCs, Estates and trusts, gift-tax filers, and not-for-profit organizations. Call today and get YOUR questions answered.
3 Deductions To Consider
1. DO YOU WORK FROM HOME AT ALL?
If so, there's a good possibility that you can deduct some of the costs of working from home. To deduct the home office costs, your home office must be the main location for your business and you must exclusively and regularly use an area of your home for your business. Please be aware that rules may vary for daycares or other business, so consult with an experienced tax accountant in Central Missouri first, before deducting this cost.
2. HOW OFTEN DO YOU TRAVEL FOR WORK?
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):
• Airplane Ticket Costs
• Laundry or Dry Cleaning While on Trip
• Baggage Shipping Costs
• Parking Fees
• Taxi Costs
• Business Communication Costs (Phone Calls, Faxes, etc.)
• Mileage
• Car Rental Cost
• Gas
• Hotel Expenses
• Meals
3. DO YOU DONATE TO CHARITIES?
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:
• Check the organization’s website to see if the letter is listed there
• Call the IRS to confirm the organization’s status
• 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
Wilson Toellner CPA is Here For You! Allow Us To Make Your Taxes Stress-Free!
We understand that doing your own taxes can be stressful if you don't have the experience to do them properly. You could be missing out on so much. Call the Mid-MO tax professionals today at Wilson Toellner CPA. We take a proactive approach, rather than a reactive one, when it comes to tax preparation. You can count on us to be experts on the continuously-changing tax landscape and to always be in a position to identify opportunities to minimize your current and future tax liabilities. We work year-round to provide tax strategy to individuals, corporations, partnerships, LLCs, Estates and trusts, gift-tax filers, and not-for-profit organizations. Call today and get YOUR questions answered.
Our Success Stems From Your Success
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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