6 top overlooked small business tax deductions
(MoneyWatch) COMMENTARY Tax day is a week away. If you know that you will need to write a check, it's no surprise that you're delaying the inevitable as long as possible. To help motivate you to get it done, though, I've rounded up six of the most commonly overlooked tax deductions for small business, courtesy of Steven Aldrich, CEO of online accounting site Outright.com.
Health care tax credit. Businesses with 10 or fewer employees that average less than $25,000 annually are eligible for a tax credit of up to 35 percent.
Depreciation on a business vehicle. Fuel and maintenance costs of your car or truck are 100 percent deductible if you can claim that the vehicle is used exclusive for your small business.
Business travel expenses. You can claim all of the costs of out-of-town business travel -- that includes the plane ticket, meals, and hotel room.
Home office deduction. This is often considered a risky deduction due to its reputation as an audit magnet, but the reality is that virtually all small business owners can take a deduction for a home office space -- that includes treating a percentage of Internet and phone bills as deductible expenses.
Professional fees and classes. Any fees you pay to maintain your career are deductible. That includes costs for classes, seminars, training, certificates, and membership fees in professional organizations.
Retirement tax credit. You can get a credit on the first $2,000 that you invest in your retirement fund.
Photo courtesy of Flickr user Tax Credits
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