Copyright 2018 - Pfeiffers Accounting & Consulting LLC

When you operate a legal entity, you are required to file a tax return at the end of every year. How you account for your business expenses will either help your company get the most back or the least amount to owe the IRS at year end, as long as you record all expenses.  Recording all of your expenses is just the first step, however, in getting your data ready for deductions at year end. What many people are unaware of is that on your tax return, for example on your 1120-S return there is a place in your deductions section on your first page, where it gives you a line item for other deductions.  This other deductions section is where you will record the total of most of your administrative expenses from your income statement. Other deductions are such expenses as:

Bank charges insurance (business)
Computer expenses utilities
licenses and permits
Equipment rental maintenance
Office supplies miscellaneous
outside services parking fees
postage and freight
printing and reproduction
legal fees
public relation
telephone
travel
qualified moving expenses
professional fees
meals and entertainment (50% only)

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