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Federal Tax Deductions

The following deductions will save you thousands of dollars each and every year, but you must make sure to keep detailed records of your expenses. You may get audited and if you do you’re going to want to have this stuff ready for them. Now on to the deductions.

Home Office
As long as you actually set-up an office its own room in your house, you can deduct that portion of your house payment. For example, you decide to use a 100/sq. ft. room for your office. What you would do is find out what the going rate for office space in your area is. If it’s about $20/sq. ft. then you could deduct (size of the room * going rate for office space) $2,000 a month! Aren’t you already glad you read this report?

Corporate Gym
You can’t pay for a gym membership with this deduction by you can pay for your own corporate gym. You use this deduction to by ALL the equipment (machines, weights, benches, treadmills, etc.) for your corporate gym! And it gets even better. If this corporate is in, say your basement, you can deduct this space as well. This will easily add a couple hundred more sq. ft. that you can deduct! There’s another couple $1,000s for you!

Office Equipment
All of the equipment in your office can be deducted. This includes: computer, desk, phone, fax machine, copy machine, etc.. All of that equipment is tax deductible.

Dependent Care
You can deduct up to $5,200 per dependent a year. This includes both parents and children. No longer do you have to worry about paying for your elderly parents. Let Uncle Sam pay for you!

Gifts
Gifts can be classified into two different categories. Individual gifts and corporate gifts. Individual gift are of course given two individuals and the cost can be up to $25. On the other hand, a corporate gift (given to another company) can cost any amount.

This is only one article out of a 6 article series compiled together to form the “Tax Relief Report: Tax Savings & Asset Protection”. The report can be found at: <a href=" http://www.tax-help-and-asset-protection.com/">http://www.Tax-Help-and-Asset-Protection.com/<;/a>