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What All Tax Deductions Can I Claim – Starting your own business is no easy task. You often have to navigate uncharted territory just to track your business expenses and reach your customers. Then, when it comes time to pay taxes, you’re hit with seemingly every tax known to man. This might make you think “
?” Fortunately, there are a wide variety of business expenses you can deduct to reduce your tax burden, but it can be difficult to know how and when to deduct. If you’re here, you probably already know that you can deduct business mileage on your car, but there are so many other ways to save. That’s why we’ve made a list of the 10 most common tax deductions for small businesses. It’s never too early to start tracking your tax credits. There are many great tools and resources to help you get started. TripLog helps you track your business mileage and expenses and organize them into an easy-to-read, IRS-compliant report, so you can maximize your tax credits and peace of mind. Get started with your 30-day free trial today and watch your savings grow. We will be there every step of the way to cheer you on! Did you miss our last post? Check it out to see how TripLog got started and meet our founder, Ted He. ——————————————————————————————————————————————————————— ——————————— Infographic Transcript: Deductible business expenses can help small businesses reduce their tax burdens, which lowers the costs associated with running a business. Business owners know that the more deductions they can make, the less money they will have to spend on taxes. Therefore, the value of tracking your company’s expenses can be enormous. Now, what are the ten most common small business tax deductions?
What All Tax Deductions Can I Claim
The cost of operating a vehicle for business is deductible if there are necessary documents to prove business use. Using a mileage tracking app can help you track your business miles automatically, saving you time by not having to track your miles manually.
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Payments to employees, including salaries, wages, bonuses, commissions and taxable fringe benefits, are deductible business expenses for the business. On the other hand, payments to owners are not deductible.
Many small businesses use freelancers or independent contractors to meet their labor needs. The cost of such contract work is deductible.
The cost of goods used in a business (computers for a technology company’s employees), as well as postage, are fully deductible business expenses.
The cost of renting space – an office, shop, shopfront, factory or other type of facility – is fully deductible.
Small Business Tax Deductions For 2023 [llc & S Corp Write Offs]
You can deduct licences, regulatory fees and property and personal property taxes. Your employer taxes, including the employer share of FICA, FUTA, and state unemployment taxes, are fully deductible business expenses.
The costs of your business owner’s policy, malpractice coverage, flood insurance, online liability coverage and continuation insurance are all deductible.
Costs for ordinary repair and maintenance are fully deductible, while costs that increase the property’s value are usually capitalized and recovered through depreciation.
Ordinary advertising costs are fully deductible. Sources: 2018 Standard Mileage Rate Goes Up, IRS Announces https://smallbiztrends.com/2016/02/top-tax-deductions-for-small-business.html [mc4wp_form id=”9800″]
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TripLog users save thousands of dollars on taxes each year. Try the #1 Auto Mileage Tracker App for Free! 9 Ways to Maximize Income Tax Relief for Family Carers in 2023 (YA2022) Are you caring for a loved one? This can also mean that you get the most out of your tax relief. Learn everything you need to know about tax relief for family carers with this quick guide.
Before filing your tax on the Lembaga Hasil Dalam Negeri website or on-site at their offices, did you know that family caregivers can get additional discounts?
Malaysian carers are entitled to a number of tax credits for the year’s expenses. In this article, we break down everything you need to know about relevant tax relief as a family carer.
Here are 9 types of tax relief you can claim to maximize your tax refund and reduce your taxable income:
Sales Tax Deductions Archives
A total claim amount of RM9,000 is automatically given to each individual and any dependents they have upon completion of the Inland Revenue Board Of Malaysia (LHDN) E-form.
Children caring for parents with medical conditions confirmed by a doctor are entitled to an additional relief of RM5,000 for all costs incurred from special treatments or medical needs. This includes any medical care or treatment provided by a nursing home or even dental treatment such as tooth extractions, fillings and scaling. Cosmetic dentistry, crowning, root filling and dentures are NOT included in the deduction.
If the parents under the child’s care are considered healthy, a total amount of RM3,000 is available with a relief of RM1,500 for each parent. It is important to note that only one (1) child is allowed to claim parental relief for a given year and each parent’s annual income must not exceed RM24,000.
Total tax relief of RM6,000 is available for the purchase of basic assistive devices for a disabled loved one under a person’s care. This includes a hemodialysis machine, wheelchair, artificial legs and hearing aids, but excludes glasses and optical lenses. It is also important to note that the elderly loved one must first be registered with the Department of Social Welfare (DSW) as disabled in order for the equipment to be claimed.
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Do you need help with elderly care? For more information on how to help you with your care needs, fill out this form and our care advisors will contact you within 24 hours!
Apart from the medical expenses of the parents, a total amount of RM8,000 can also be claimed for yourself, a spouse or a child. This includes treatments for serious illnesses such as:
You can also claim other similar illnesses such as heart attack, pulmonary hypertension, chronic liver disease, fulminant viral hepatitis, head trauma with neurological deficit, brain tumor or vascular malformation, major burns, major organ transplants and major amputation of limbs.
You can also claim tax relief for covid-19 vaccination and swab test expenses of up to RM1,000 for yourself, your spouse and your children.
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Full medical check-ups including mental health examinations for self, spouses or children may be required for a total amount of RM1,000. However, this amount is also included in the maximum RM8,000 exemption for medical expenses in case of serious illnesses.
7. Disabled child A total assistance amount of RM6,000 is given to a disabled child who is unmarried. If the unmarried disabled child is pursuing higher education in Malaysia or abroad at a higher level, an additional RM8,000 may be claimed. This brings the total taxable amount to RM14,000 for a child. 8. Life insurance and EPF
As a means of encouraging Malaysians to sign up for life insurance, a total requirement of RM7,000 is provided for life insurance and EPF for pensionable public sector employees. For individuals working in the private sector, a total amount of RM3,000 is available for YA2022 assessment. This tax relief includes insurance premiums paid for a spouse, but not for children under a person’s care. Individuals working for the private sector who have contributed to the EPF or any approved scheme can claim RM4,000 for YA2022.
Finally, caregivers can enjoy a tax relief of a total of RM3,000 for any payment made on insurance premium for the education or medical needs of a spouse or child.
Deduction U/s 80c, 80ccc, 80ccd & 80d, Income Tax 80c
For more information about the tax relief for the assessment year 2020, reference is made to exemplary notes here.
Finding the right carer is an important and very personal process. To help you with the care process, they offer a no-obligation consultation with their care advisors to better understand the care needs of your loved ones and provide some clarity about the services that can offer.
Also offers care packages that can help you save up to 20% on the cost of care. Alternatively, consider a la carte service options to better suit your care needs.
Fathima has a degree in English linguistics who finds her calling in the marketing field. In her spare time, Fathima likes to go to cafes, do arts and crafts and bake. Fathima is also a cat mother of four and loves all things kawaii aesthetic!
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Our experience has been very positive. So far we’ve used Care Pros maybe 10 times (to check in…Tax time is just around the corner. If you’re anything like us, you may have already earmarked your refund money for several things. About 84% of Australian taxpayers can expect a refund of $3000 this year.If you dread this time of year,