Here are the 3 Overlooked Tax Deductions Entrepreneurs Miss Outlooked that may save more money and pay less taxes.
1. Overlooked tax deductions are Home Office
The first overlooked tax deductions this applies to both the entrepreneur the Parellelpreneur, entrepreneur and the 9 or 5, it is the one that you hear so frequently which is the home office deductions. If you telework because most of you are working and you’re building your business at home while you are working for your job you get the write off those same expenses as if you were building your business at home.
To be able to write off these telework expenses you need to figure out how you can deduct those expenses. You can legally deduct it but do you know how? If you’re doing your taxes via turbo taxes, do you know how? If you are dealing with the old accountant, do they know how? If they haven’t told you this so far, they don’t know about the deduction.
This is the most overlooked tax deduction especially for many employees and pearl entrepreneurs that telework. If your telework today is the last day that you miss out that dough and you forget to claim your business expense, and you forget to claim your household expenses that your job is to utilize. You want to make sure that you track that stuff for further.
2. Overlooked tax deductions are Subscriptions
All of those subscriptions that you were subscribing to keep your business on top of your work needs, to keep you knowing your industry the ins and outs. You can deduct them. The beauty is this if you are the employee you can deduct it.
If you are part of any of your trade organizations or you have subscribed to any of your trade publications you got to write that off as an employee, Parellelpreneurs and as an entrepreneur.
3. Overlooked tax deductions are Mileage
It specifies you to take care of your car mileage while you use your car to get to your work place or to get your work done. You need to download mile I.Q. on your phone and If you want to really accumulate your deductions your mileage, you have to download this. It helps you to get your deductions done and If you don’t accumulate your mileage, we’re not going to be able to write off your lease payment, car notes payment, car insurance and repairs, tires, washes etc.