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There’s Still Time to Take Advantage of Tax Deductions

by | Mar 29, 2013 | Uncategorized

With April 15th right around the corner, businesses are scrambling to find any remaining tax deductions. While there’s still time, take a look at the list below of several often overlooked business-tax deductions and see if you qualify for any of them:

Loan interest: If you took out a business loan in the last year, you might be able to take advantage of a sizeable tax deduction. In order to do so, you must denote a part of each payment as your interest expense.

Bad debts: Try to collect any outstanding invoices, because you may still have time to write off the debt and receive a tax deduction.

Amortization of intangible assets: Examples of intangible assets include things like logos, trademarks and customer lists. If you amortize them over a certain number of years, it can help lower your taxable income today.

Business use of a personal vehicle: You’d be surprised what all counts as business expenses. Even the miles you drive to meet your accountant can be deducted.

Home office space: If you use a portion of your home for work purposes, you may be able to write off a portion of your home’s utility, rent and other payments.

For more potential tax breaks, please visit Entrepreneur.

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