Tax Accountants Knoxville TN

Every penny counts, especially in today’s economic environment, so this tax season be sure you are not forgoing any tax write-off opportunities. As a small business owner, you know you can deduct most expenses you incur in business. However, many small business owners may overlook some write-offs that can add up to big tax savings. Here are some tips to keep in mind when it comes to tax write-offs.

The Little Things

It’s easy to overlook or forget about some deductions you may be entitled to. Don’t! Be sure to claim all allowable write-offs, including:

• Tips related to deductible expenses, such as for parking, meals and redcaps.
• Incidental expenses on business trips, including the cost of shipping materials to your business destination, passport fees, and dry cleaning or laundry.
• Tax preparation costs you paid in 2008 for 2007 preparation, including CPA fees, software, and business and tax books.

New Deductions

The tax law changes each year. Learn what’s new so you can take advantage of these write-offs. For example, in 2008, you can deduct more for the cost of business use of your personal car—50.5¢ per mile for business driving in the first half of 2008 and 58.5¢ per mile for business driving in the second half of the year (in 2007, the mileage rate was only 48.5¢ per mile). Other law changes for 2008 to note include:

Author: Barbara Weltman

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