Small big business tax deductions for year end 2004 - taxes
As a small commerce owner, it's wise to make acquainted by hand with some key deductions that may bring down your tax bill for 2004.
Employee Advantage Plans - You may subtract donations to worker charity performance plans (such as fitness indemnity plans and retirement plans). Depending on your conditions the greatest donation that you may remove per worker in a certified retirement plan can go up to:
$100,000 or more With a Distinct Allowance Plan
$ 44,000 With a 401(k) plan
$ 41,000 With a SEP-IRA or Keogh
Automobile Expenses- You can elect to subtract the authentic expenses incurred (including gas, oil, tires, repairs, insurance, depreciation, and rent or lease payments) for the business-related portion of your car or truck expenses, or basically take the 2004 average mileage rate of 37. 5 cents per affair mile.
Social Collateral Taxes - You may abstract Common Guarantee and Medicaid taxes paid to match essential withholdings on member of staff wages, national unemployment taxes, as well as real estate or delicate acreage taxes paid on affair assets.
Home Agency - Depending on whether you use your home or other real estate for big business purposes, you may take some or all of any advance advantage paid, as well as some or all of the maintenance and darning expenses connected with the property. The cost of utilities and affair materials connected with affair use are also deductible.
Depreciation - Drop may be taken on passenger cars, gear used for entertainment or recreational purposes (i. e. , photographic equipment, cell phones and computers), as long as these items are used only for the business.
Bonus Downgrading - The 'bonus' decline deduction of up to 50 percent of the cost of new affair paraphernalia in the year of buy applies only to acreage sited in advantage on or beforehand December 31, 2004. You may want to be concerned about building any important gear purchases ahead of year-end to take gain of this expiring provision.
Professional Fees - You may take expert fees, such as those paid to a lawyer or accountant.
Meals and Entertainment - You may subtract 50 percent of meal and entertainment expenses allied with the conduct of your business.
State and Local Common Sales Tax - Activation in 2004, you will have the opportunity of electing to take an itemized deduction for state and local broad-spectrum sales taxes in lieu of the itemized deduction provided for state and local pay taxes.
Charitable Donations of Vehicles - All the way through 2004, a deduction equal to the fair bazaar value of a donated vehicle is allowed. First next year, however, the deduction permitted will commonly be imperfect to the gross proceeds from the sale of the vehicle by the charitable organization.
Remember to keep on file the minutes and credentials crucial to authenticate all of your deductions. You be supposed to consult a tax preparer or expert tax advisor to clarify how detail tax rules may blow your characteristic situation.
About The Author
Daniel Lamaute specializes in background up retirement plans for the self-employed. Visit http://www. investsafe. com to learn about methods to boost retirement donations and to condense taxes and penalties on early withdrawals.
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