5 Tax Deductions To Remember

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March 3, 2011 by Angela Shupe | 1 Comment

As a small business owner, it is important to make sure you are claiming all of the tax deductions that you deserve. The Huffington Post has created a list of ten tax deductions that are often overlooked. If you haven’t filed your taxes yet, check out the five deductions below and see if you qualify.

The heath care tax credit.

If you own a small business that pays for at least half of its employees’ healthcare coverage, you’re eligible for a tax credit of up to 35 percent of what you spend on the health insurance premiums.

Depreciation of your business vehicle.

Depreciation on new passenger vehicles purchased to use in a business are significantly higher this year than last, building on top of the usual first-year deduction that is allowed. Gas and maintenance on this vehicle are also deductible for any transportation you do for the business.

Any professional fees or class deductions.

Any professional fees that you pay to continue in your career are deductible on your tax return, as well as much of the costs of attending classes, seminars, and training sessions. Subscriptions to professional journals, newspapers, and books are also included as tax deductions.

Charitable contributions that are not cash.

If you don’t have the money to make a donation this year, you can always charge the donation. You can also take a deduction on almost anything donated to charity such as old clothes, used books, and old furniture.

The retirement tax credit.

First, any contributions in to your retirement account aren’t taxed as of now so it’s a great idea to get a jumpstart in building your retirement account while this provision lasts. Second, you get a credit on the first $2,000 you invest, resulting in a reduction on your taxes. Contributions to retirement accounts aren’t the only things that qualify here either. IRAs and Roth IRAs, Employee Pension plans, and 401k’s all qualify for the deduction when a contribution is made.