Did you know that, as a business professional, you could be eligible for certain tax deductions that could lower your taxable income? Most professions have a variety of tax-deductible expenses that are unique to that field, and business professionals are no exception.
One area where business professionals can take tax deductions is on continuing education expenses. If you’ve taken courses that are a requirement for you to keep your job or your rate of pay, then these expenses are tax deductible. Also, if you take courses that allow you to further your skill set in your profession, these expenses are tax deductible as well. Just make sure you keep all your receipts for any job-related educational expenses, so it will be easy for your tax preparation specialists to secure the right deductions for you.
Professional Fees and Dues
If you belong to any unions or professional societies, the fees or dues you pay may also be tax deductible. Such organizations can include:
- Trade associations
- Chambers of commerce
- Boards of trade
- Business leagues
Keep in mind, though, that fees for organizations like country clubs or athletic organizations are not tax deductible, even if you frequently do business at those locations.
If you’re a business professional who wants to learn more about possible tax deductions, get in touch with Taxation Solutions, Inc. right away. One of our dedicated tax help pros will work with you to determine which expenses are deductible to help you lower your taxable income!