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Q. I just started my new business. Is there a list of all the business deductions I can take?
A: Believe it or not, the IRS is the best place to start looking for possible deductions and for information to help you with your taxes.
You can download forms with instructions and informative publications for free from their Web site at www.irs.gov. Some key publications for micro-businesses:
- Publication 334, Tax Guide for Small Business
- Publication 463, Travel, Entertainment, Gift, and Car Expenses
- Publication 505, Tax Withholding and Estimated Tax
- Publication 587, Business Use of Your Home
Pay particular attention to Publication 587, which covers home office expenses, and Publication 463, which covers the expenses related to business use of your car. These are common deductions for most micro-business owners, but they’re often overlooked.
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