At Forward Point Accounting, we understand the importance of reducing your tax burden. Here are some simple tips to help you maximise your tax deductions and save money.
1. Home Office Deduction
If you use part of your home for business, you can deduct a portion of your rent or mortgage, utilities, and insurance.
Tip: Calculate the percentage of your home used for business and apply it to your home expenses.
2. Vehicle Expenses
Deduct vehicle costs for business use by tracking either actual expenses or using the standard mileage rate.
Tip: Keep records of business mileage and all vehicle expenses.
3. Business Meals and Entertainment
You can deduct a percentage of business-related meal and entertainment costs.
Tip: Document the purpose, attendees, and keep all receipts.
4. Office Supplies and Equipment
Items like paper, ink, and computers are deductible.
Tip: Save receipts and records of purchases.
5. Travel Expenses
Business travel expenses such as flights, hotels, and meals are deductible.
Tip: Keep detailed records and receipts of your business travel.
6. Professional Services
Fees for lawyers, accountants, and consultants are deductible.
Tip: Keep contracts, invoices, and payment records.
7. Employee Salaries and Benefits
Wages and benefits paid to employees are deductible.
Tip: Maintain payroll records and documentation of benefits.
8. Rent and Lease Payments
Rent for office space and equipment used for business is deductible.
Tip: Keep lease agreements and proof of payment.
9. Utilities
Utilities used for your business are deductible.
Tip: Document utility bills and allocate a portion for business use if working from home.
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Maximising your deductions can significantly impact your bottom line. For personalized assistance, contact Forward Point Accounting. We’re here to help you make the most of your tax deductions.
Contact Forward Point Accounting:
**Website: [www.forwardpointaccounting.com](http://www.forwardpointaccounting.com)
Let Forward Point Accounting help you maximise your tax savings and keep your business moving forward.
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