Q. Which of these items is tax deductible?
A. All of the above – under certain circumstances.
A new prospect is visiting your office and you want to make a good impression. That bouquet of fresh flowers you purchase for the reception area? It’s a legit write-off.
Let’s say your eye doctor recommends prescription sunglasses to protect your vision. The cost of the glasses and the eye exam is deductible as long as your total medical expenses exceed 10% of adjusted gross income.
On the first Monday of every month you require your staff to attend a meeting at 7 a.m., before regular office hours begin. Is that spread of pastries, juice, granola, fresh fruit and coffee you put out deductible? Absolutely.
Tax write-offs with no red flags
Unless you have intimate knowledge of the tax laws, you could be overlooking deductions that you’re entitled to. Suzanne Halladay will help you reduce your tax bill by uncovering write-offs you may not think of. But remember, in case of an audit the IRS will expect you to prove what you entered on your tax return. So don’t get too creative. Start gathering your receipts, cancelled checks and credit card statements for all your expenses and she’ll keep the red flags out of your return.
What tax deductions are you missing out on? Ask Suzanne.