Tag: Maximizing Deductions

Maximizing Deductions

Maximizing Deductions – Car & Truck Expense – LNK Tax Group

If you are self-employed, your deduction for the business use of your vehicle could reduce your tax bill by thousands of dollars! Tracking your mileage is absolutely necessary whether you use the actual expense method or standard mileage allowance for claiming the ¬†deduction. Two Methods for Claiming the Car Deduction: Actual expense method Mileage allowance…
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Maximizing Deductions - Qualified Business Income (QBI)

Maximizing Deductions – Qualified Business Income (QBI) – LNK Tax Group

Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity. The deduction has two components. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic…
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Maximizing Deductions - Depreciation

Maximizing Deductions – Depreciation – LNK Tax Group

Normal Depreciation. Confirm assets are properly capitalized and being depreciated as many times this is not being done properly or at all. For example, a recent client owned a commercial building that was not capitalized or being depreciated, and the accountant had only the rental operations on the books. Expense. The IRS allows for expensing…
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Maximizing Deductions - Home Office

Maximizing Deductions – Home Office – LNK Tax Group

If your office space is located in your house, you can deduct your bills for utilities, homeowners’ insurance, homeowner’s association fees, security, and general repairs & maintenance. Mortgage interest and property taxes are deductible expenses if you qualify for home office deductions. You can deduct the percentage of the square footage of the office divided…
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Maximizing Deductions - Travel Expense

Maximizing Deductions – Travel Expense – LNK Tax Group

Business travel is allowed for several reasons for business owners. Often business owners are reluctant to take travel deductions for business or are unaware with more simple strategies, they can deduct travel combined with vacation. Travel for new business. Traveling to identify new locations, potential M&A or to acquire new investment property is all deductible…
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