Mid-Year: Time for that Tax Deduction Checkup

You get a six month dental checkup, and an eye exam every year, right? It is just as important to do a checkup on your business expenses, to make sure you are capturing all these expenses so you can deduct them.

At mid-year, many tax and financial advisers do a review with clients to make sure they are keeping up with tax deductions and record-keeping. July is a good time to take stock and see where you are with tax deductions. Are you recording all your expenses, so you can claim them at tax time? Here is a list of some expenses you might have missed:

Accounting, bookkeeping, auditing and tax expenses

Property and casualty losses, and forced sale losses

Taxes (Other than Income Tax)
Many of these taxes are embedded in other costs, but make sure you have included them when you prepare your lists of expenses for the year.

Employee expenses, including
Training and education expenses
Employee benefit expenses
And other employee-related expenses.

For a more complete list of business tax deductions, see my article on Business Tax Deductions A to Z.