Looking for legitimate tax deductions for your income tax returns this year? Here are three common expenses you can deduct on Schedule C, all starting with the letter “E”.Employees.There are several legal deductions related to your employees. Obviously, the compensation you pay them is reported on Schedule C, Line 26. Even though the description for this item is “Wages”, don’t stop there. Salaries, commissions and bonuses are also deductible and should be put on Line 26 also.What about your own compensation as the sole proprietor? Don’t make the mistake of reporting that on Line 26. Then where does it go? It doesn’t go anywhere on Schedule C. The money you withdraw from the business out of profit, also known as “draw”, is not a business expense.What about employee benefits? Things like health insurance, medical expenses that are paid via a Medical Reimbursement Plan, retirement plan contributions (such as the employer’s payments on behalf of the employee into a SIMPLE IRA Plan or a SEP) are all deductible. These expenses can be added together and reported on Line 14, “Employee benefit programs.”Only health insurance premiums for your employees are deductible on Schedule C. Health insurance premiums for yourself are deductible, but don’t put that on Schedule C; those get reported on Form 1040, Line 29. If you have a SIMPLE IRA Plan, the contributions you make for your employees go on Schedule C, but the contributions you make into your own account go on Form 1040, Line 28. The same is true for SEP contributions, which are reported on Form 1040, Line 28.Education.If you attend a conference, workshop or seminar to improve existing business-related skills, or take a college or graduate school course for that purpose, the expense is deductible. The key here is that the material must be related to your existing business. For example, if you are a computer software consultant, any type of class dealing with computers would qualify. But if you take a class in engineering because you are considering a career change, that class would not be deductible. Also, don’t forget that many business classes apply to virtually all types of businesses, such as courses in bookkeeping or marketing. Report education expenses on Line 27, Other Expenses.Entertainment.This is an area that the IRS loves to scrutinize, for obvious reasons. When entertaining existing or potential customers, if you attend a sporting event or a concert, for example, 50% of that expense is deductible (just like meals). Just be sure you engage in a substantial business discussion before, during or after the event, and write-off is legitimate.
operating a business in which entertaining your customers and clients plays a huge role like for instance (restaurant, fitness center, sports bar, hotel) you might want to consider getting satellite connection. With the benefits it gives, satellite will help you seize your business to the higher level and keep customers coming back for more and profits curving in.Here are some of the reasons to choose satellite TV to meet your customers and family entertainment needs:The picture quality- Satellite services offer more in the way of HD programming, with 150+ stations than cable. All satellites channels are in digital format which deliver much better picture quality than what you get with analog format. You and your family as well as your clients and costumers will be more pleased with the clear pictures and quality of the sound.Many more viewing options- Special packages like sports- Nobody can watch the amount of sports coverage available on satellite television. Almost every game of every sport can be seen. If your customers are diehard fan soccer fan they will not come back into your bar (bar business) just for the beer but to see their favorite team on your TV screen. Not only that, everything from college sports to professional sports is accessible (advantage for students and professionals) and these are free of costs.Education- Premium courses as well as college lectures can be seen here. Courses are also available, and watching these help to improve your education. Business programs- many conferences, conventions, meetings and other talks when it regards to your business can be viewed through satellite systems. News- Live broadcast can be viewed too. Catch the action as it happens, something that you can never see on cable.Programming variety- With hundreds of channels, Satellite TV offers the most programming choices in every category. Whatever special interest your business may cater to, it has the channel and programming for you and your family.
Saves Money- By using this satellite TV it only not grants business owners the opportunity to increase your profits by keeping costumers satisfied but it also save your business money. It ends up being less expensive than cable. Satellite providers will supply you with all the necessary equipment and have it installed for you and it is free of charge. No question when it comes to customer service.The best way to find the right package for your business and your home is to start by comparing satellite providers through online. You will find all necessary information there. You have to keep in mind any specific needs you might have regarding what will appeal most to your clients and customers as well as to your family.