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GET CONNECTED
TAXES
Savvy strategies to help reduce your taxes
Bank Fee Deductions
When completing your Schedule C this year,
don’t forget to include those pesky bank fees
that your business paid during the year. They
can add up to a hefty deduction. These fees
are reported in Part V, “Other Expenses,” of
Schedule C. You might have incurred fees for
some of these services:
-
ATM use
-
Overdraft
protection
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Copies of checks
-
Duplicate
statements
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Stop payments
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Online bill
payments
Save Those Receipts
The IRS doesn’t require that you save
receipts for meal expenses of less than $75.
But don’t get too excited. Although a receipt
may not be required, hanging on to receipts is
often easier than keeping a separate, detailed
log of expense information. A printed receipt
generally shows the date as well as the name
and address of the restaurant. Simply jot down
on the back of the receipt the purpose of the
business meeting and the names of people
attending. That beats writing all of the
information in an expense log.
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