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10 Items You May Be Able To Deduct From Your Taxes

May 17, 2016 | Financial Saviour

Do you ever feel like your always paying out of your wage in and endless cycle of transactions. Whether its for personal expenses or business expenses, there are always expenses! It’s hard to save any sort of finance when your on an endless treadmill of payments. Then the financial year comes to end and its time sit down and look at what you’ve been spending and where, but maybe your missing out on something?

Do you know if the items your paying for are be tax deductible? You might be able to save yourself quite a lot of money knowing exactly what you can claim back. Knowing exactly what a legitimate taxable item is could save you a large amount of cash each year, wouldn’t that be great?

man signing a contract

Unfortunately a list of tax deductible items does not exist and it’s important to remember that, there is no single golden role, each item has its own unique place in the taxing system and whether it can be deductible or not is based on many different factors. Go further than simply collecting receipts, the more information you can provide the better chance you have of making a legitimate tax deduction. Document hours of employees and their duties, when dealing with fuel and car expenses, give detailed descriptions of the journey a long with a reason for the trip.

 

It’s important to note that some deductions may only cover a percentage of your expenses and not every item on this list is always be a legitimate deduction, each case has to be assessed  on its own merits and information provided.

 

10 Items that may be deductible from your taxes

1. Advertising

2. Dining During Business Travel

3. Software and Online Sales

4. Legal Fees

5. Cleaning/Janitorial Services

6. Auto Expenses

7. Internet Hosting and Services

8. Research and Development

9. Website Design

10. Discounts To Customers

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