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10 Things You Should Have On Your 2011 Filing

altOkay, everyone! Tax season is upon us (yay!), and everybody is thinking taxes right now. It can be very confusing, especially if you are a new business owner. We have compiled a great list of ten important things to remember on this year's tax return! These are all important and sometimes often overlooked points to remember, so make sure to check out the list!

  1. Auto Expenses. This can sometimes be a HUGE chunk of money! Mileage, parking fees, even toll fees! This does require a little extra planning and being diligent throughout the year, but the reward is well worth the trouble!

  2. Charity Giving. Don't forget to keep all receipts, including cash you donated, or products/services that you donate as well.

  3. Home Office. Most small business owners have a home office, so don't forget to deduct it! The deal is, it must be strictly a home office. Not a kitchen table, not a desk in the playroom. You can deduct a lot from a home office, including a portion of the rent,utilities, cleaning, etc.

  4. Business Meals and Entertainment. If you take clients out to dinner, etc. this can come in handy. You can only deduct 50% of these expenses, so make sure to keep excellent records. You can also deduct gifts for clients up to $25.

  5. Postage, Office Supplies, and Furniture. Most people overlook these deductions, and they can be quite important!

  6. Education or Training. If you are furthering your education or training in your current line of work, that expense is all tax deductible.

  7. Insurance. 100% of all health insurance paid for employees is tax deductible, and if you are self employed, you can include yourself.

  8. Legal and Professional Fees. If you paid a lawyer or an accountant for anything during the year, make sure to keep a record of that.

  9. Other travel. In addition to mileage, etc. you can also deduct airline travel, lodging, dry cleaning, laundry services and tips paid while on business.

  10. Telephone and Internet services. You can deduct all of any telephone or internet services that are solely for your business use.

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