Tax Expert Tom Wheelwright Uncovers 5 Most Overlooked Deductions by Small Business
Tempe, Arizona (PRWEB) March 01, 2016 -- With millions of small businesses preparing tax returns in the U.S., Tax-Free Wealth Author Tom Wheelwright reveals the five most overlooked deductions that can legally save taxpayers millions of dollars. Based on 20 years of experience running ProVision Wealth (tax and wealth strategy) with over 3,000 clients in 30 countries, Wheelwright specializes in helping successful entrepreneurs and investors permanently reduce their taxes by 10-40%.
As a CPA and small business CEO, Tom Wheelwright emphasizes that the tax code is a series of incentives for business owners to re-invest in their business, create jobs and fuel the economy.
According to the US Small Business Association, small businesses provide 55% of all US jobs, and 28 million small businesses in America account for 54% of all U.S. sales. While many miss these five deductions, the expenses are legal as part of the bigger picture IRS goal to encourage continued business and economic growth.
5 Most Overlooked Tax Deductions by Small Business
1. Meals and Entertainment with Spouses - Many people don’t realize that a meal with a spouse is often deductible. If the meal has a business purpose and the spouses actually discuss business (as most do), and is reasonable in cost and frequency, the meal should be deductible.
2. Travel Expenses - Travel away from home is another frequently overlooked deduction. If 51% of the time on the trip is spent on legitimate business activities, it is deductible. Wheelwright recommends combining business and pleasure when traveling so it can be considered an expense on taxes.
3. Education Costs for Seminars - Most seminars for the general public are not deductible. Wheelwright adds, “However, if a seminar increases your knowledge and improves your business, it may be considered continuing education and be deductible.”
4. Home Office Deduction - Most tax preparers warn away from taking any home office deductions due to the idea it is a “red flag.” Wheelwright explains why it is a mistake to overlook this deduction by asking, “Why would you ignore a deduction specifically allowed by the law? If you just follow the rules, the IRS will be fine with your deduction for the home office you use exclusively for your business and/or investing.”
5. Automobile Deductions increase with Home Office - Most people don’t realize automobile deductions increase with a home office. The reason is commutes aren’t deductible. Wheelwright explains further, “If your first stop is your home office, you may be able to eliminate the nondeductible “commute” according to IRS rules. Your first drive of the day and the last drive home is called a commute, and that's not deductible. So if you have a home office, your first 'commute' is 30 feet. But your next commute -- say, to a client's home -- is what's deductible. Some people almost double their automobile deduction by having a home office."
Media Contact
Liz Kelly, Goody PR, 310-987-7207
About
Tom Wheelwright is a leading tax and wealth expert, Best-Selling Author (Tax-Free Wealth), CPA, CEO of ProVision Wealth. Tom is best known for making taxes “fun, easy and understandable”, and specializes in helping entrepreneurs and investors build wealth through practical and strategic ways that permanently reduce taxes. As a Rich Dad Advisor to Robert Kiyosaki (“Rich Dad Poor Dad”), Tom frequently speaks at Rich Dad conferences worldwide. His work has been featured in Forbes, Accounting Today, ABC News Radio, the Real Estate Guys Radio Show, Money Radio 1510 Business for Breakfast, AZTV and many more media. http://taxfreewealthadvisor.com
Liz Kelly, Goody PR, http://goodypr.com, +1 (310) 987-7207, [email protected]
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