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Article:
Little Known Tax Deductions That Can Save You Big by: Diane Hughes When you say 'end of the year', most small business owners think of two things immediately. The *second* is the holidays. The *first* is taxes! While almost all of us pay taxes quarterly, we still have to file in January. That means November and December are spent getting ready. When you're gathering all your information together for your accountant, don't forget about these regularly overlooked deductions. Mileage Sure, most of us already know that we can deduct a mileage allowance from our taxes. However, many of us (especially dot coms who don't travel much) don't bother to keep track of our travels thinking it won't be worth the trouble. Oh, but it is! I had the same mind-set, but - at the urging of my accountant - decided to keep track and see for myself. I'll never neglect to do it again! Even though almost every place that I travel is nearby, when I added up all the 10-mile trips to the office supply store, the bank, etc., it turned out to be a hefty total. Haven't kept track this year? Start now. Go back and look for deposits in your check register. This would have meant you traveled to the bank on that date... write it down. Do you have receipts from the office supply store? You must have traveled on that day, too. Write that down. Keep all your information on a log sheet with the date, number of miles traveled round trip, and the purpose of the drive (i.e., office supply store, bank deposit, etc.). You'll be pleased to find that even short, weekly trips all throughout the year can add up to 800 - '1
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