Commonly Overlooked Tax Deductions
Commonly Overlooked Tax Deductions
As the tax filing deadline approaches, taxpayers are always looking for legitimate tax deductions they may have overlooked. For example, did you know you can deduct the money your business spent to purchase office supplies during the year? As long as these expenses were for items that are ordinary and necessary to your business but for which you were NOT reimbursed, you can probably deduct them.
The following list shows the kinds of supplies that might be purchased by a firm during the normal course of operation:
- Accounting, Business, and Legal Forms
- Address Books/Binders
- Appointment Books
- Bill and Coin Wrappers
- Bank Bags
- Cash and Check Boxes
- Legal and Note Pads
- Counterfeit Detection Pens and Highlighters
- Journals, Ledgers, and Organizers
- Paper and Graph Paper
- Paper Clips and Pens/Pencils
- Petty Cash and Message Forms
- Receipt, Record and Sales Books
- Rulers, Scissors and Tape
- Tax Forms
- Other supplies used in your work
In addition, printing, duplicating and mailing expenses may also be deductible. Some small machines or equipment, such as bill counters, coin counters, calculators and similar tools used in your work, are possible deduction candidates as well.
In these examples, all of the expenses are for items used in a business in the regular performance of their employees’ duties. However, the deductions available are not limited to the supplies and services they need to do their jobs and pursue their careers. Business and individual taxpayers may also be able to deduct the costs of:
- Treatment and care from a Chiropractor or Osteopath.
- Contact lenses and/or glasses.
- Health and long term care insurance premiums
- Medical services, medicines and prescription drugs
- Membership dues paid to a qualified charitable organization
- Out-of-pocket expenses incurred while giving services to a qualified charitable organization
- Mandatory contributions made to state benefit funds providing protection against loss of wages
- Fees and charges that are expenses of your trade or business, or of producing income
- Appraisal fees
- Tax preparation fees
- If you are self-employed, you may also be able to deduct half of the self employment taxes you have paid.
Always consult a professional tax preparer in order to make sure there aren’t other deductions you may be missing. It’s not about avoiding paying taxes, but you should make sure you take advantage of all legitimate opportunities to keep as much of your hard-earned cash as you can.
—————————————————————————————————————————————————————————————————————
We hope you found this article about “Commonly Overlooked Tax Deductions” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Four Things to Consider Now for the Upcoming Tax Season
It’s November already. How can that be possible? The more important question is what are you going to do about it? Although it seems like the last tax season just ended a few months ago, the next tax season is just a few weeks away. That means you should already be preparing for your inevitable…
Soccer Star Will Have to Go to Trial for Alleged Tax Evasion
The ongoing tax saga of soccer star Lionel Messi will continue. That news comes after a judge in Spain ruled that the Barcelona FC star would indeed have to stand trial for tax fraud charges in association with his many endorsement deals with foreign companies. The news comes just days after a report stated that…
Common Trust Fund Questions for Beginners
Are you considering a trust fund? Trust funds are a very useful tool for saving and investing money, but a lot of people aren’t totally sure how to use a trust or even how they work. Trust funds essentially hold assets, like property, a business or money, for the benefit of another person, a group…
IRS Wants A Lot More Than a Coke and a Smile From Coca-Cola, Co.
The Coca-Cola, Co. wants everyone to share a Coke and a smile but the IRS just wants the soft drink company to share it’s profits with the government, in the form of it’s tax bill. The IRS claims that the company has skipped out on more than $3 billion in taxes and interest due from…