Tag: tax deductions
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4 Way to Depreciate an Asset for Unbelievable Tax Savings
There are different ways you can depreciate an asset. These methods can give you different results at different stages of the use of your business assets. Whichever method you use, be consistent and use the same method for the asset in question. Track the value, method of depreciation, and deductions on a table using excel… Read more
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How to Take Deductions on Every Major Asset by Capitalization
Depending on your business, you may need to make some large expenses and deduct asset costs. How are those treated as deductions? In this post, you’ll learn how to ‘capitalize’ a deduction. Capitalizing is the main way to deduct the value of an asset. For instance, take a $10,000 truck for your lumber company. The… Read more
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Maximize Your Home Office Deductions – Save Thousands Easily
In a previous post, we talked about deducting a part of your mortgage or rent on your taxes if you operate an office in your home exclusively for your business. We also discussed when that is allowed by the IRS. Now we’ll discuss how to maximize your home office deductions. But the fun doesn’t end… 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