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DEDUCTIBLE EXPENSES OR NOT

Posted by Admin Posted on Sept 09 2016

Deductible expenses are expenses that helps lower your taxable income thus reducing you tax liability. While there are several expenses that are always deductible, there are certain deductions that you cannot use for tax purposes.

 

What is Deductible?

  1. Investment Losses
  2. Charitable Contributions
  3. Healthcare spending
  4. Employee Business Expense
  5. Business Expenses (Schedule C filers)
  6. State Taxes

 

What is not Deductible?

  1. Personal expenses
  2. Travel expenses from home to work
  3. Donations to non-exempt organizations
  4. Non-business related expenses
  5. Reimbursed expenses

 

Please be aware that there are rules regarding taking certain deduction.

For Example: You must be eligible to itemize if you want to deduct expenses on a schedule A. When itemizing Healthcare and job/ employee business expenses must exceed a percentage of your Adjusted Gross Income (AGI). Charitable expenses cannot exceed 50% of your gross income. Please note: The IRS allows filers a standard deduction. In most cases, when not required to itemize, the itemized deductions

For Schedule C filers: Expenses must be strictly business related. 

 

Consult a professional tax accountant before so they can determine if a particular expense is deductible. Contact January Accounting Service today!!!

QuickBook Seminars Coming Soon!

Posted by Admin Posted on Aug 05 2016

We understand managing a business can be very hectic. How can you run the business and also manage the finances of the business all at the same time? January Accounting Service understands how crazy it can be to manage the accounting part of the business and that is why we have strived to offer the most top notch and affordable accounting services for our clients. We understand that sometimes even the most affordable services can prove to be too much for some businesses, especially those just getting started. For those businesses we are now offering QuickBooks Training Seminars. QuickBooks allow businesses to easily manage finances, while still allowing owners to focus on running the business. 

Call us today to learn about how you can enroll in our QuickBooks training seminar. You can also comment below and let us know you're interested.