Don’t forget these deductions when filing:
· Home Office – If you work out of your home you could qualify for this deduction.
· Startup Expenses – You may be able to deduct up to 5,000 for organizational costs.
· Bad Debt – If there’s money you can’t collect, you can claim a bad business debt deduction.
· Carryovers – Any deductions that were overlooked previously can be carried over to future tax years.
· Legal & Educational Expenses – Any ordinary or necessary expenses combined as the cost of doing business can be deducted in the same tax year they were paid.
What other deductions do you figure in? ~Moderator Mel
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