CPA Mark J. Kohler covers five deductions small-business owners often miss: travel expenses, auto mileage (requires a written log), meals while conducting business, office supplies and home-office deductions, and technology costs. Keep detailed records and consult a tax professional before claiming anything.
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Hi, Mark Kohler here with a quick tax and legal tip. I want to talk about five important deductions to think about before you file your tax return. Now I realized back in December, and in fact last year, there was a lot of things we should have been doing to get a write off for last year. But even before you file, there's five things I want you to think about so that you can just maybe maximize them and save a few more dollars on your tax return. Now, as a preliminary matter, this is for my business owners, which you know I love. I want you to have that small business on the side. And these are five deductions that can help you in your small business. Number one, think of travel. How many trips did you take last year that involved a business purpose? And I want every trip to involve a business purpose with a meeting with a client, a vendor, a workshop class, or looking at rental property, working on rental property, whatever the case is, make sure as a business purpose. And think of airfare, hotel, rental car, rental car, gas, tol, valet, tips, all that stuff. Important travel deduction. Number two, think of auto. This isn't the travel, this is your car. And I love mileage. 95% of our clients are going to go with mileage. It's a great deduction and it can be per car. Think of every car you have. Think of how many business miles you spent doing business and think of beginning and ending mileage for that car. Talk about it with your accountant and don't be afraid of the deduction. If you have to create that statement, schedule that written log of your business auto mileage. Number three, dining and entertainment. This is a big one and so many people could maximize this deduction. Better. Think back to last year. Look at your credit card statements and debit cards and the business account and think of any meal while you were traveling, even by yourself or those business meetings where you were talking business with someone. Even if you paid for your food only went Dutch, all of that dining and entertainment is paid. Powerful and a great write off. Number four, office supplies and the home office deduction. Don't be afraid of the home office deduction. There's a new simplified version. It's excellent, especially if you have multiple businesses. Make sure that one of those businesses takes the home office and think of all the supplies at Staples and Home Depot and all the little things that you buy that could be used around the office. Let's make sure they have a business purpose. Go back and comb through those records for last year. Technology and cell phones. Love this write off. Make sure you're looking at the cell phone for you, your spouse, your kids, anybody helping in the business that you're paying the cell phone for and all the technology, the Apple Store, Best Buy, all that good stuff. Think of what it's used for in the business and go back and capture it and make sure it gets on your tax return. Finally, make sure you're going through all your records looking to maximize all your write offs and talk to your tax professional. Be careful doing your own tax return. If you're not familiar with all the write offs and all the little nuances to these expenses, they can be a big deal on your tax return and save you big money. Anyway, follow the newsletter Check out those other YouTube videos and I hope to catch you on the backside. Thanks thanks for listening and I hope that information was helpful and let me speak from the heart here. I've been talking about topics like this for 1015 years. I'm a CPA, attorney, best selling author, radio show host and I am passionate about helping small business owners save taxes, build wealth and protect it. Please check out the link right here. Download my free ebook on 10 Common Mistakes Small business owners make in the tax and legal arena. Also check out my social media links here. I've got Daily Tips, a weekly blog radio show every week. This information is free and I'd love to help you. Click below. Find out more about me and thanks for listening.
