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A dozen deductions for your small business

Small-business tax rule No. 1: Don’t mess with the IRS.

But that doesn’t mean you should cheat yourself. Take every legal deduction you can. Here are a dozen that even savvy small-business owners and entrepreneurs sometimes forget:

1. Home office

Concerned that claiming a home-office deduction is tantamount to sending an engraved invitation to an Internal Revenue Service auditor? Don’t be, says Jan Zobel, author of Minding Her Own Business: The Self-Employed Woman’s Guide to Taxes and Recordkeeping.

“I don’t agree that chances of getting audited are greater with a home-office deduction,” says Zobel, a San Francisco Bay-area tax expert, who specializes in serving the self-employed. In her own practice, she has prepared more than 400 returns a year for the last 25 years. And while at least half of her clients claim a home-office deduction, only one home-based entrepreneur has been audited.

The key here is that you use the term “home office” the same way the IRS does. The tax agency says it must be a space devoted to your business and absolutely nothing else. Deducting the den that houses the family computer and serves as a guest bedroom won’t fly with Uncle Sam.

“If you only have one computer and you have a child over four, the IRS is going to be pretty certain that the child is using the computer,” says Zobel. “And the burden of proof is on you. “

The deduction, however, isn’t limited to a full room. Your home office can be part of a room.

Just how much of the space is deductible? Measure your work area and divide by the square footage of your home. That percentage is the fraction of your home-related business expenses — rent, mortgage, insurance, electricity, etc. — that you can claim.

2. Office supplies

Even if you don’t take the home-office deduction, you can deduct the business supplies you buy. Hang onto those receipts, because these expenditures will offset your taxable business income.

3. Furniture

When your office supplies are more than just pens and paper, you have another tax-cutting opportunity.

Office-furniture acquisitions provide a couple of choices. Deduct 100 percent of the cost in the year of the purchase or deduct a portion of the expense over seven years, also known as depreciation.

To take the whole cost in one tax year you’ll use the Section 179 deduction (named for the part of the tax code where the law appears). Recent tax-law changes have made this deduction even more attractive. For the 2006 tax year, a business owner can expense up to $108,000.

If you choose instead to depreciate the desks and filing cabinets, you can’t simply split the cost into equal portions over the depreciation period. Instead, you must use an IRS chart to make separate calculations each year.

Which is better for you? Anticipate the times that your business will need these deductions the most. Both options are reported on IRS Form 4562.

4. Other equipment

Items such as computers, copiers, fax machines and scanners also are tax deductible. As with furniture, you can take 100 percent up front or depreciate (this time over five years).

5. Software and subscriptions

The recently increased Section 179 provides another tax break in this area of business expenses. Previously, a company had to depreciate the cost of computer software over three years. Now, off-the-shelf software a business buys can be fully expensed in the year purchased.

The rules for deducting business and industry-related magazine subscriptions weren’t changed. You can continue to take the total costs as a full deduction in the year spent.

6. Mileage

If you drive for business, the IRS wants to give you some of your money back. But Uncle Sam loves documentation, so keep a notebook in your vehicle to record the date, mileage, tolls, parking costs and the purpose of your trip.

At the end of the year, you have two choices. You can total the mileage and add in the tolls and parking to calculate your deduction. Once you have your mileage total, multiply it by 44. 5 cents for your 2006 deduction. For 2007 business tax purposes, the rate goes to 48. 5 cents a mile.

Or you can measure your business usage against your personal driving and deduct that portion of your auto-related expenses, says Zobel. Remember to include gas, repairs and insurance.

If you are leasing, include those payments. If you buying the car, factor in the interest on your loan and depreciation on your vehicle.

And if your company’s office is at your house, you get a bit more of a break. You can deduct the entire business-related mileage, from the minute you pull out of the driveway until you return home, says Gary W. Carter, author of J. K. Lasser’s Taxes Made Easy for Your Home-Based Business: The Ultimate Tax Handbook for the Self-employed

If your business is not home-based, your mileage meter starts at your first business-related destination and ends at your last. You can’t include the drive to and from home, says Carter, a CPA and professor at the University of Minnesota. In this case, try to schedule several business appointments on the same day to allow you to take the mileage between stops as a tax write-off.

7. Travel, meals, entertainment and gifts

Good news, small-business travelers. You might as well stay in a nice hotel, because the entire cost is tax deductible. Likewise, the cost of travel — air, rail or auto — is 100 percent deductible, as are costs associated with life on the road (dry cleaning, rental cars and tipping the bellboy).

The only exception is eating out. You can deduct only 50 percent of your meals while traveling. So stay at the Ritz and eat at Wendy’s.

Once you get home, your on-the-job meals aren’t deductible — unless you bring along a client to talk business. In this case, you might consider splurging on a fancier meal because then you can write off half such work-related dining costs.

The 50-percent deduction limit applies to most other client entertainment expenses, too. But a direct gift to a client or employee is 100 percent deductible, says Zobel, up to $25 per person per year.

8. Insurance premiums

Self-employed and paying your own health insurance premiums? These costs are 100 percent deductible.

This break primarily benefits proprietorships, but there are limits. The deduction can’t be more than your business’ net profit. And it’s not allowed if you were eligible for other health care coverage, including that offered by your employed spouse’s medical plan.

Did your spouse work for you last year? Then, says Carter says, you can get the full medical premiums deduction on your return. As an employee, your spouse’s premiums are 100 percent deductible; if you and the children were on her policy as dependents, so are those costs.

Two caveats: 1) Your spouse’s employment must be real, not in name only, and you must offer coverage equally to any other employees. 2) Failure to meet these requirements could result in a lawsuit, an audit or both.

You also can include some of the premiums you pay for long-term care insurance for yourself, your spouse or dependents.

9. Retirement contributions

Are you self-employed and saving for your own retirement with a SEP-IRA or Keogh? Don’t forget to deduct your contribution on your personal income tax return.

10. Social Security

The bad news: If you’re self-employed or starting a small business, you have to pay double the Social Security contributions you would as an employee. That’s because federal law requires the employer pay half and the employee pay half. Self-employed workers are both, meaning the total will equal 15. 3 percent of your net profits.

The good news: You can deduct half of the contribution on your 1040.

11. Telephone charges

You can deduct the cost of the business calls that you make for business from home. When your bill comes in, circle the business-related calls, total them up and keep a copy. At the end of the year, tally your 12 bills and deduct 100 percent.

The IRS assumes that you will have a phone in your house anyway, so Zobel cautions that regular fees and charges don’t count toward your deduction. But if you have a second line installed and use it only for business, all of these charges are deductible

.

12. Child labor

“It’s always good to employ your kids,” says Carter. Depending upon how much you paid them, they might be able to avoid income taxes. Plus, there is no Social Security tax when you hire your child who is 17 or younger and you can deduct the salary as a business expense. This break is available, however, only if you operate as a sole proprietor or as a partnership in which you and your spouse are the only partners. If your business runs as a corporation, then it, not you, are considered the employer and the corporation is not relieved of the tax liabilities.

Make the money go even further. Have your child contribute to a Roth IRA, says Carter. Not only have you gotten a nice tax deduction from the salary and trained your youngster to save, you’ve also help establish a nest egg for his or her future.

Dana Dratch is a freelance writer based in Georgia.

The information contained in this article is of a general nature. It should not be construed as legal advice nor should it be acted upon in your specific situation without further details and/or professional assistance.

Ok, so there are endless ways to save money on most things these days – the credit crunch has meant that retailers are crying out for us to spend our cash. Sales in the High Street used to be an occasion, and escape from the Christmas claustrophobia, or a time in late spring when remaindered summer clothes would make way for the Autumn collections. Now it seems, every day is a sales day – and looking at the range of specialist TV travel channels and the myriad offers in Travel Agents’ windows, this is also true in the world of travel and holidays. Every day seems a good time to grab a bargain.

And yet we still seem to find that the dates we really want, the hotels we really need, and the departure airport which is a must for convenience and minimum hassle – all these are hard to find in the right combination to create the headline “bargain”. So, sometimes, a little creative thinking is needed – and this creative thinking might start with the golden rule – be flexible, and you will save a heap of money. Here are a few tips towards creative thinking, a great holiday, and cash remaining firmly in the bank:

1) Book Early: How obvious! And yet it is absolutely true in the world of low cost holidays as with any other business affected by the basic economics of supply and demand. The best time to book, according to most reputable travel agents and flight brokers, is 11 months before you are due to travel. Seats on the key scheduled airlines are released for sale through agency outlets – including web suppliers – and there’s usually a mass of cheaper seats available.

2) Book Late: Now there’s a thing – equally obvious. But lest we forget, the laws of supply and demand favour the most flexible of holidaymakers, and a few clicks of a mouse or a short trawl through the TV text listings will always yield some superb bargains.

3) Buy a Package: Now, this is getting less than creative, I hear you say! Yes, the web has been revolutionary for people who wish to cut out the travel agent and arrange their own trips. But it is most definitely still the case if you are booking a flight and a car, or flight and accommodation, an agent can often offer a much better deal than if you were to book separately, even online. This is especially true of a multi-sector long haul trip.

But, if this is not creative enough, we can look at some other options. How about:

4) Visit countries which cost less: Sounds obvious as well, but make sure you get the knowledge. Many people, for example, see Greece as a low cost option, but recent inflation following the change of currency to the Euro it has become relatively expensive. This is less true of Turkey, which remains outside of the European community. Some online research might also lead you to Italy, or the Dominican Republic, or even Kerala. But perhaps, for UK travellers, not America, where the dollar is finding it feet again against to pound.

5) Stay at home: Why not just swap rooms with the kids for a couple of weeks, and spend time out and about visiting those local landmark – churches, parks, bowling alleys . . . kids at a young age they enjoy simple pleasures like farms and pet shops, and just the extra attention they get when parents are not out working. A change is good as a rest. It’s free and can be great fun.

6) Share the cost: If you are the sociable type, enjoy being in a group and can manage to share with friends or family you can save a lot of money. A holiday home that sleeps ten people is never five times more expensive than one that sleeps two.

Or, just by ensuring that the “extras” involved in any holiday – airport parking, insurance, travelling to the airport, currency exchange and so on – are given close attention, you can make sure that all the good work researching the best holiday price is not undone by paying more than necessary for those. Thus

7) Watch the “Commission Free” Currency: Commission-free doesn’t mean profit-free. Make sure you study the actual exchange rate before exchanging currency. No two providers are alike, and some can be less than generous.

Book your airport parking in advance: Turn up on the day with your car and you’ll very likely be staggered at the price to park your car for a week or two at any holiday airport. So do your research, go-online and check the possibilities of booking ahead – even on the day of travel – and save up to 60% on such costs. Or, you can check your insurance or car-breakdown membership for special tie-in offers, or you can check hotels that offer one-night, pre-flight stays that include long-term parking, or you can look for off-site parking offers. Whatever you do, do not simply turn up with you car – it is likely to cost almost as much, if not more, than you paid for the flight!

These days, there is a lot of competition going on in the travel industry. People are getting more and more options for finding the last minute travel packages. They, however, require to research a lot to find the best rates. Compare the cost of air tickets of different airlines and then make a choice.

No one likes to spend money on travelling. If you are looking forward to saving money, then you have to be flexible, willing to travel at odd hours, make your reservations around one to two months before the date of flying. One can search for the best rates in travel on the internet. The websites offer competitive rates

The last minute travel deals cover everything from hotel reservations, airline tickets, etc. The websites has an user-friendly interface and helps you to get the best airline travel deals for you. These online shops are a great way to compare the various rates online and find the one that fits your needs.

There are many airlines that offer discounts on weekends. Browse through for some fabulous travel deals. Often, people get amazing airfares but they are unable to go for the vacation because they think that they would not be able to do the packing in the last minute. So, you should pack your bags before looking for the right opportunity. The last minute travel can help you to save a significant amount of money. But you should be flexible enough to make compromises for the last minute travel.

Many of us are not great planners when it comes to going for vacation. The last minute travel deals which have become a very popular in the recent times. These exciting deals are cost effective and offer competitive rates. Visit the best travel websites and look for amazing options in travel.
The last minute deals are designed to meet your needs to a great extent. There are deals available for all classes like luxury, economy, budget and premium. As far as accommodation is concerned, the various options are guest houses, pubs, small hotels and apartments. For getting these last minute deals, you have to be flexible enough as you need to leave a day earlier or later to save fares. You do not get much time to think as may be you have to leave the very next day.

These brilliant and astounding travel deals are easily found on the Internet or through a travel agent. You would find these deals beneficial. Many airlines sell the tickets at lower rates to fill up the vacant seats. So, if you want to go on a vacation without spending a huge amount of money, these deals are the best for you. Take advantage of these deals and take those much needed holidays at the lowest price. Be prepared to go on a short notice and take full advantage of such deals. If you do not have much money to spend on travelling, the last minute travel deals are for you. Nothing can now stop you from going anywhere.
The internet is the best place to find such . It is packed with deals having cheap hotels, discounted Last Minute Travel deals , travel tickets, etc. One can easily find these deals on the internet. These are not only convenient but also affordable. These deals are updated on a daily basis. So, get your relaxing vacation this year by searching for the hottest deals. You do not need to spend too much this summer. Save your hard earned money and avail affordable prices while going to exotic locations. You just need to be flexible to make your travel exciting and full of adventure.

It is important to make sure you pack your medications, sunscreen, hat, and other essential items so you can be comfortable on your next cruise. Many people tend to forget these items when they are packing because they concentrate more on the outfits and accessories they will need. Before you pack your clothing, pack smaller items and make sure they are all easily accessible while you are traveling. If you are travelling by air or by car in order to get to the cruise ship, make sure you have these items handy when on the road.
Other small items such as soap, deodorant, razors, toothbrush, and lip balm can all be purchased on the boat, but they will cost a lot more than if you remember to bring your own. Buying a small bag and packing it before anything else will help you pack everything you will need. Stopping before boarding the cruise ship is another option if you discover you need these items.
Medications you take every day should be filled before your trip. This way, you will have enough to last for the entire vacation. Taking the time for proper travel preparation will help you have a better time. If you have food allergies or if you suffer from sea sickness, there are medications that can help. Follow all instructions to ensure you take these medications at the right time. You may not be able to mix some of these medications with alcohol, so be sure to find out before visiting any of the bars.
Since you will probably be spending more time in the sun, having a hat and sunscreen will help protect your skin from the heat. Having these items readily available will keep you from forgetting them in the cabin. People who spend a lot of time in the sun should wear sunscreen of at least 30SPF. This will keep the skin from becoming dry and will also prevent skin cancer later on.
While packing for a cruise can be frustrating, once you develop a routine, packing for any vacation becomes easier. Depending on the cruise you are taking, you may not need to pack different types of outfits. Try to pack as light as possible so you will not have a much to bring with you. This will make travelling much easier as well. Bring a good pair of shoes that you can wear with most of your outfits. This will help you save space and allow you to leave the ship and sightsee if the ship docks in any port cities along the way. Travelling sensibility will allow you to have a much better time on your cruise.

When considering when, where, how, for how long and what type of vacation, trip or holiday venture to undertake, we all get caught up in the anticipation, excitement and exhilaration. Sometimes we let the more important financial side of things slip a little. After all, for most of us, taking a vacation may only happen once a year, for some, even more infrequently. We tend to indulge and forget about our pocket book a little.

There are many ways to save money, avoid unnecessary cost, ensure you take care of details end up a smart and perceptive traveler. Budget travel planning is easier that you might think. Here are a few handy travel tips for making your travel dollar go further!

• Cushion your budget – When considering a trip or planning budget travel, it is important to plan for the unexpected and consider the financial side of things early on. This ensures affordability, liquidity and having the resources to enjoy it to the fullest! Plan for the worst-case financial scenario and prepare for things to cost a little more than you expected. Allow up to 20% increase in cost to be on the safe side of things.

• Emergency money: Carrying some spare cash somewhere can also be a lifesaver. The rule of thumb seems to be around $50-$100 in small bills. This can be used for incidentals, ground-transportation like cab fare and/or your return home, tips and more.

• Set your priorities: Set some spending priorities and criteria in advance, like eating at a special restaurant or attending a concert, even if this means sacrificing a bit on lodgings or visa versa, depending on what is more important to you.

• Keep an eye on your credit cards: It is extremely easy these days to have access to your financial resources through ATM’s and credit cards. Just remember that it is just as easy to overspend because of it being so readily available. A little discipline will go a long way to protect your financial interest and help you stick to your travel budget.

• Maximize gas mileage and efficiency: If you’re planning a road trip, make sure that your car has been serviced at least a week before your trip. A well-maintained vehicle will go a long way to ensure carefree driving. If your budget allows, you may consider renting a vehicle to save wear and tear on your own. Small economy cars are better on gas and are much more comfortable than they used to be. Minivans and sport utility vehicles are practical only if you have to transport a large family with a lot of equipment or luggage.

• Gas fill-ups: For filling up your car en route, avoid pushing to the limit until the gas runs out. Gas will obviously be more expensive when filling up in remote locations. If you miscalculated and the light on the dashboard indicates that you are really in need, opt for filling just half a tank until you reach the next more densely or major populated destination, where gas might be a little cheaper.

• Pack-a-snack: Bring your own refreshments and snacks. Gas station prices on drinks and snack food are high. Avoid these during a pit stop, if you are counting your travel dollars. A cooler packed with lots of cool drinks, water and ice and/or a thermos of coffee or hot water for tea, some fruit, granola bars, or a sandwich, goes a long way to still the hunger and save you money by avoiding all high priced stops en route.

• Travel necessities: It is advisable to travel with basic necessities, like a cell phone and a first aid kit, since both can prove to be essential in emergencies. Most people have cell phones at their disposal, but in the event that you are not one of them, a prepaid cell phone may be the answer for your trip. The peace of mind it offers is worth the small investment. Cell phones can also save on hefty surcharges and higher long distance rates that hotels and resorts often charge.

Budget travel requires close attention to all things financial before and during your trip. Planning a trip or vacation can be a little time consuming but following these travel tips will hopefully save you a lot of headaches as well as some unnecessary interest charges on your credit card balances later! You will thank yourself for your fiscal restraint and spending discipline, upfront planning, foresight and forward thinking!