Furniture Donation

Little Known Tax Deductions That Can Save You Big

Author: Diane Hughes

When you say "end of the year", most small business owners think of two things immediately. The *second* is the holidays. The *first* is taxes! While almost all of us pay taxes quarterly, we still have to file in January. That means November and December are spent getting ready. When you're gathering all your information together for your accountant, don't forget about these regularly overlooked deductions.

Mileage

Sure, most of us already know that we can deduct a mileage allowance from our taxes. However, many of us (especially dot coms who don't travel much) don't bother to keep track of our travels thinking it won't be worth the trouble. Oh, but it is!

I had the same mind-set, but - at the urging of my accountant - decided to keep track and see for myself. I'll never neglect to do it again! Even though almost every place that I travel is nearby, when I added up all the 10-mile trips to the office supply store, the bank, etc., it turned out to be a hefty total. Haven't kept track this year? Start now.

Go back and look for deposits in your check register. This would have meant you traveled to the bank on that date... write it down. Do you have receipts from the office supply store? You must have traveled on that day, too. Write that down. Keep all your information on a log sheet with the date, number of miles traveled round trip, and the purpose of the drive (i.e., office supply store, bank deposit, etc.). You'll be pleased to find that even short, weekly trips all throughout the year can add up to 800 - 1,000 miles or more. Multiply that times the 2002 allowance of 36.5 cents per mile and you get a $292 - $365 tax deduction!

Bad Debt

Did you sell products or services to someone who did not pay you? Have you tried to collect the money without success? You can write those losses off and get a deduction for them. No, it won't equal the total amount of the money you lost, but it is better than nothing.

Simply gather the information about the sale, the invoice you submitted to the customer, and documentation of your attempts to collect the amount owed. You do not have to file bad debt deductions in the same year they occurred, so if you have old losses, gather the information now so you can include it on your 2002 return.

Travel

Almost any trip can become a business trip if you plan it right. Even if you're traveling to your 20-year high school reunion, you can write off your travel expenses IF you play your cards right.

While mingling with your old chums, collect some business cards, and hand out a few of your own. Ask people what they do for a living (in tax talk that relates to "market research"), and set up a phone call or two for when you return home.

I know one woman who took a pleasure trip to England. However, while she was there, she took tons of pictures of museums, landscapes, etc. She gathered brochures and picked up some information from a few local vendors. She used these things to justify her trip as business travel for her set design (theater) company.

No, you don't have to spend the entire trip talking/doing business. Just be able to document that you did some business while you were there. You can also take deductions for lodging and meals while you're on your trip so save your receipts!

As you can see, there are many tax deductions available to you. To find out about more, set up a "pre-tax" appointment with your accountant or tax pro. They can give you information on additional tax deductions that might apply to your particular industry. When you add up all the small stuff, you can end up with some major tax savings!
About the Author
Diane C. Hughes * ProBizTips.com

FREE Report: Amazingly Simple (Yet Super Powerful)
Ways To Skyrocket Your Sales And Build Your Business
Into A Tower of Profits! ==>> http://madmarketer.com/diane
...

Furniture Donation Resources

Other Furniture Donation resources:

Furniture Donation New York - Antiques Portal US
... Furniture Donation New York Article: Furniture Donation New York information, pricing, and reviews The Salvation Army of Greater New York & the following code (red text) in the "specific use" field ...
http://www.antiques.porta ...onation-new-york.html

Salvation Army Furniture Donation
Salvation Army Furniture Donation FireRocket Search Related Searches salvation army donation form salvation army donation san diego salvation army donation site salvation army donation location ...
http://www.army3.com/salv ...y-furniture-donation/

Used Furniture Donation, Furniture
Used Furniture Donation Everything you want to know about used furniture donation: Furniture Donation Furniture Donation MATA is always looking for props to be used in our set designs. We welcome ...
http://www.freecontactlen ...rniture-donation.html

Plasma donation, organ donation and black market, sample donation request le...
Donation software solution red cross donation center letter asking donation free sample plasma donation Goodwill auto donation donation form vehicle new jersey furniture donation red cross donation ...
http://plasma-donation.ourmed.org.uk/

Arizona 2-1-1 - Furniture Donations Still Being Accepted for Katrina Relief
... Arizonans who wish to donate furniture to assist Katrina evacuees may drop it off at the following valley-wide locations: Salvation Army Donation Center at 2707 E. Van Buren in Phoenix St. Vincent de ...
http://www.az211.gov/inde ...tent&task=view&id=388

Office Furniture : Buy Furniture.org
... bay area office furniture bookcase office furniture direct office furniture discount office furniture donation stewarts office furniture tall office chairs teak office furniture tiffany office ...
http://www.buy-furniture.org/office/

Online donation, computer donation honolulu, furniture donation virginia, lo...
... car donation make wish goodwill donation center car charity donation fort in wayne furniture donation goodwill boston donation plasma donation fort.Worth body donation car charity de donation ...
http://online-donation.ourmed.org.uk/

dallas donation furniture office texas >6/6 Non-profit organizations to report to Council ... ... com Dallas Donation Furniture Office Texas on the Business Portal 1000s reviewed websites on Dallas ...
http://www.office-furnitu ...rniture-office-texas/

Car donation program, charitable donation furniture, corporate donation to s...
... egg donation for woman salvation army donation salvation army donation san diego organ donation fact furniture donation in los angeles lock of love donation ca car chula donation vista texas vehicle ...
http://car-donation-program.ourmed.org.uk/

furniture and houston furniture donation houston
... pl furniture and houston furniture donation houston Wanted houston used furniture pearland furniture keyboard left stickley up. Lazy boy afterwards health leath intrepid how. License well-off used ...
http://promotions.netcent ...n_drew_gallahans.html