Ten Often Overlooked Tax Deductions

If you have not finished your taxes yet, here are a few often overlooked deductions you can take advantage of.

Ten Cincinnati Real Estate Tax Deductions

  1. Real Estate Deductions: Depending on the square footage of your Cincinnati Real Estate, you can deduct some of  your mortgage if you have a home office.
  2. Car expenses if you take standard mileage rate: If, like most small businesspeople, you use the standard mileage rate to deduct your car expenses, you get to deduct 50 cents for every business mile you drove in 2010. You don’t get to separately deduct the cost of gas, insurance, depreciation and similar items because these are all included in the standard mileage rate. Like a home loan you can  deduct the interest you pay on a loan for your business car.
  3. Home telephone expenses: You get no deduction for a single phone in your home; but you may deduct the cost of long-distance phone calls and special phone services you use for business such as call waiting or message center. You may deduct the full cost of a second phone line and cell phone.
  4. Business gifts: Any gifts you purchase for clients are deductible as a business expense up to $25 per person per year. However if you give a gift to an entire company gifts are deductible in any amount, as long as it is reasonable.
  5. Green Renovations: If you have made any energy saving renovations on your home such as new windows, an energy efficient HVAC unit, or a tank-less water heater you may be eligible for a tax credit and deduction.
  6. Tax-preparation fees: You can deduct the cost of hiring a tax professional to prepare your business tax return. If the same tax pro prepares your personal and business return, you can deduct only the cost of preparing the business portion.
  7. ATM fees, credit card fees, and interest: You can deduct ATM fees, credit card fees and other bank charges you paid during 2010 for all your business accounts.
  8. Subscriptions: Real estate-related magazines and trade publications are deductible. You can also deduct the cost of subscribing to an online real estate news service.
  9. Greeting cards: Greeting cards you send to clients and sales prospects are a deductible advertising expense.
  10. Websites: You can deduct the cost of designing and maintaining a website you use for business. You can also deduct your Internet hosting fees and the cost of obtaining a domain name for your business. If you do Internet advertising that may also count as an advertising related business expense.

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