A deduction checklist should include home office expenses, gifts, health care tax credit, travel expenses and vehicle expenses, according to Entrepreneur.com. The checklist should also include work opportunity credit, retirement benefits, and expenses related to Internet, phone and cable services.Continue Reading
Individuals who use their homes as their principal and exclusive place of business can claim tax deductions on home-related business expenses such as utilities, insurance and rent or mortgage, states Entrepreneur.com. All business travel expenses, including air fare, hotel bills and tips are deductible. A taxpayer can only deduct 50 percent of the cost of business meals taken alone while travelling outside his business location. Meals served in annual company outings are 100 percent deductible.
Any expenses incurred in the use and operation of vehicles for business purposes are tax deductible and should be included in a deduction checklist, reports Entrepreneur.com. People who fall under certain target groups, such as military veterans and ex-felons who meet certain criteria, can claim tax credit between $2,400 and $9,600, as of 2013. Small business owners can claim health care tax credit if they pay at least half of the health insurance premiums of their employees. All Internet, phone and cable services expenses are tax deductible, provided they are incurred at the place of business.Learn more about Income Tax