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TAXES
Savvy strategies to help reduce your taxes
Leased Vehicle Deduction
Small-business owners who use a vehicle for business can either deduct actual expenses for operating the vehicle or use the standard mileage rate deduction – but not both. It’s the same for a leased vehicle you use for business purposes. If you deduct actual expenses for the vehicle, be sure to include your lease payments. Need more information about automobile deductions? Check out IRS Publication 463, Travel, Entertainment, Gift, and Car Expenses. It’s available free at
IRS.gov.
Smart Tax Break
It’s not too late to get a tax write-off for getting smart. It’s perfectly legit to take a take a tax deduction for items that help you learn new business skills. Some ideas:
- Expenses associated with seminars, workshops, trade shows and conferences that are related to your industry, your business or business skills (such as management and communication)
- Costs of business books, general business magazine, technology newsletters and other publications
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