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Posted by  Cheryl Elliott on 1/29/19 3:48pm
What is deductible and what's not. You may not deduct Starbucks or Peets for yourself, or for your own meals.
But a friendly reminder on most everything else.
Deductions Description. Vehicle Mileage Deduct miles driven for business.
Buy or Lease A New Car. Deduct lease payments or depreciation on vehicle purchase.
Home Office Deduction. Deduct a percentage of rent, utitilies based on space used for business.
Notary Software used for business.
Cellphones and Tablets. Deduct the cost of mobile devices used for business.
Office Supplies. Deduct paper, pens, ink and other supplies used for business.
Virtual Assistants/Bookkeepers. The amount paid to virtual assistants and bookkeepers is deductible.
Office Rent. The amount paid to rent office space, including CAM charges.
Office Equipment & Supplies. Purchase of office desk, printers and computers for business.
Internet & Phone Costs. Monthly internet and phone system costs for the office are deductible.
Marketing/Advertising. Costs Flyers, website, signage, business cards are tax deductible.'
Travel & Entertainment. Airfare, hotel lodging, rental car fees for business trips are deductible. Again, notary’s meals are not deductible.
Conventions and Conferences. Registration fees to attend a convention or conferences are deductible.
Taxi or Uber. Fare Fees paid for transportation to/from the airport or to signings are deductible.
Client Meals/Entertainment. Deduct up to 50% of meals/entertainment with clients.
Client Gifts ($25 or less) Deduct up to $25 per client on thank you gifts purchased.
Retirement Plan Contributions. Contributions to retirement plans are tax deductible.
Continuing Education(CE) Fees paid to attend workshops and seminars for continuing education
Annual Dues/Membership Fees. Fees paid to professional associations as well as your commission renewal fees and supplies.
Insurance. Payments to purchase insurance and bonds to protect your business are deductible.
Legal/Professional Services. Fees paid to lawyers and CPAs are tax deductible
Interest on Loans/Credit Cards. Interest paid on a business loan, line of credit or credit card are deductible.
Wages/Benefits Paid To Employees. Payroll payments made to employees are tax deductible, if you have employees.
Really miss Sue Harke and John Tennant, who aren't active on our forum any more...they are the bomb when it comes to notary deductions.
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