EASILY OVERLOOKED TAX DEDUCTIONS
A Baker’s Dozen…from the desk of James W. Oliver, Enrolled Agent
OhioMBE – April 15-2014
Easily overlooked tax deductions:
1. Accounting fees for tax preparation services, financial consultation, IRS audits and taxpayer representation.
2. Appraisal fees for charitable donations (like jewelry or autos or boats) as well as clothes, shoes, furniture, toys and appliances.
3. Cleaning and laundering services when traveling away from home for business reasons.
4. Expensing supplies, furniture and appliances such as desk, chairs, carpeting, book cases, home computers, printers, and copying machines – when used in your business whether or not you are deducting a home office expense.
5. Job hunting expenses when looking for a new job in your profession/occupation.
6. Contact lenses, eye glasses and hearing devices.
7. Knowing how to deduct fun activities (such as dinner, theater tickets, concerts, movies and other associated entertainment activities) as an entrepreneur or business owner.
8. Union dues, business club dues and professional magazines.
9. Home office space when you have business use of the home. Expenses include but are not limited to mortgage interest, property taxes, rent, home owner or renter’s insurance and utilities.
10. Providing lunches for employees.
11. Knowing how to turn children’s allowances into tax deductions. (This allowance can help pay for private school tuition and college).
12. Turning vacations into tax deductible business expenses. Turning your car into tax deduction vehicle.
If you have any tax concerns or would like a second opinion on your tax return, please contact James at J. C. and Tax & Financial at 216-491-9350 or jcandassoc@earthlink.net. Visit our website: www.cleveland-accounting.com.
