Category: Tax Deductions
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Deducting Your Rent and Mortgage Expense
Want lower taxes? You can deduct part of your mortgage or rent expense! If you do business from your home or apartment, isn’t the rent or mortgage you pay tax deductible? Not all of it, but let’s see how you can claim a deduction if you conduct business from your home. This is crucial to… Read more
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Deduct Business Meal Expenses Like a Bookkeeper!
When travelling on business, it is good practice to keep your receipts because “meals spent on business purposes are tax deductible,” aren’t they? Let’s learn how to deduct business meal expenses like a bookkeeper! There are two deduction methods: the 50% and the 100% deduction. The 50% deduction Use the 50% deduction if the meal… Read more
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How to Deduct Car Expenses and Mileage the RIGHT Way
Trying to deduct car expenses in your business, but don’t know how? Read on to learn how to do it right. Released just this month! The mileage deduction rates for business driving expenses has risen to 70 cents per mile. You can claim deductions for your business vehicle under the mileage or expense methods. The… Read more