(Dratch 2008, p. 2)
Mileage: Once again, this involves careful bookkeeping, but the deductions can add up. Keep a dated log of all business-related mileage, tolls, and parking costs. According to the IRS website, the 2009 IRS deduction rate for business-related mileage was 55 cents per mile.
Travel, Entertainment, and Meals: For the small business, 100% of travel and entertainment expenses are deductible, as well as 50% of meal expenses. It should come as no surprise that these deductions must have supporting documentation showing them to be business-related.
Shelter Your Income
Investment property can be a valuable tax shelter. The IRS allows you to shelter up to $25,000 in an investment property, but there are strict requirements. You must own 10% of the property as an individual owner, not through limited partnership. And you must be involved in the "active management" of the property, meaning you must be able to document your participation in major management decisions. It costs a bit of time, but with today's real estate market, the timing for this strategy may be just right.
Make Your Losses Pay
Many businesses recently have found themselves reporting losses instead of profits. While this is never a position to celebrate, it can have some tax benefits. A taxable loss from the current tax year can be used to offset taxable income from other tax years, both past and future. When these losses are applied to past tax years, they can result in a net refund that would probably be welcome given the circumstances. Any loss left over once it has been applied to past tax years can be used to save you money in the future when your business is once again generating income. (Akasie 2008, para. 8)
Be Environmentally Savvy
The recent Green Revolution could mean more green in you pocket as a small business owner, but it may take some initial investment. Consider installing solar panels and energy efficient equipment. It will save you on out-of-pocket utility expenses, and will make you eligible for some substantial tax breaks. In addition to federal tax incentives, many states offer tax incentives as well. For example, in Georgia, $2.5 billion have been dedicated to a new Clean Energy Property...
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