be a deductible expense. Did your overlook this fact? Not all states charge for sales tax and maybe your business is based in a state where no tax is charged, but you purchased items in other states that were taxed. Check your receipts closely for the origin of each purchase!

Deducting the Business SUV – Companies can still get a tax deduction, for as much as $25,000, for an SUV purchased for the business. It used to be that the deductible amount was $100,000 but that amount was trimmed to the lower figure in 2004. If you have a non-SUV vehicle you can still deduct the larger amount.

Small Business Pension Plan – If you started a pension plan for your small business, you could end up with a sizable deduction for establishing such a plan. Geared toward helping small businesses with 100 or fewer employees, you need to consult the IRS’ guidelines to learn what your deductions are. This deduction includes the cost of implementing and maintaining the program as well as deductions for any educational retirement planning programs you establish.

Any four of these deductions alone could help you save a mint in taxes. Consult with your to have him make the amendments needed and go over with him other possible deductions that may have been overlooked. You know that paying taxes is a fact of life, but you also know that the government has established some nifty deductions that no business or taxpayer should overlook.

Jeff Lakie is a freelance finance writer, His website The Tax Guide is a great place to find out more about help with back tax issues. Visit his site today and find out more.

Here are some more accountant articles...