tax help grapevine tx

Tax Services Grapevine, TX: Business Tax Deductions You Need

If you are a small business owner, your professional tax services in Grapevine, TX should include not just tax preparation but also helpful tax tips that will allow you to maximize your deductions so that you can keep as much of your hard-earned money as possible.  When you’re gathering your paperwork at the end of the year to calculate your business expenses, remember these important tax deductions you may be eligible to take:

Home Office

Claiming a home office isn’t as easy as it sounds.  In order for your deduction to be legitimate, you can only claim a space dedicated to your work and not just any shared space in your home.  That means that you can’t take a deduction for a room that serves as your home office and as your kids’ playroom.  

Office Supplies and Furniture

With or without a home office deduction, you can deduct the supplies you buy for your business, provided you keep your receipts.  You can also take a deduction for office furniture and you can choose between deducting 100% of the cost in the year of purchase or deducting a portion of the cost over a period of 7 years, which can allow you much-needed deductions down the line.

Other Equipment

Computers, copiers, scanners and fax machines are also deductible and, again, you have the option of claiming 100% of the cost at the time of purchase or spreading the deduction over a period of years – 5 in the case of equipment.

Software and Subscriptions

The cost of off-the-shelf software and magazine subscriptions related to your business or industry are fully deductible in the year the costs were incurred.

Mileage and Driving Expenses

If your business involves driving, you can take deductions for many of your driving- and vehicle-related expenses like gas, repairs and insurance but the minutiae can get complicated.  To get detailed information about what you can deduct and the kind of record-keeping the IRS requires, talk to the person who handles your tax services in Grapevine, TX.

Travel, Meals, Entertainment and Gifts

Airfare, hotels and more small business travel expenses are 100% deductible with the exception of food, which is 50% deductible.  Any client-related entertainment expenses are also 50% deductible.

Telephone Charges

You can deduct 100% of the business calls you make from your home phone by keeping track of them with your phone bills and tallying them up at the end of the year.  If you use a cell phone instead of a landline and you spend 50% of your time on the phone doing business, you can legitimately deduct 50% of your cell phone bill.
Taxes for small businesses can get complicated.  Get professional tax services in Grapevine, TX from Alfredo Robledo, Certified Public Accountant, PC.  Call (817) 421-0720 or visit www.grapevinecpa.com.

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