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Make your job a little less taxing

It is that time of year again when Uncle Sam comes knocking. Below are some of the most popular write-offs for small business owners as well as HVAC/R techs.

Small Business Owners

  • Cost of running a business – These include advertising, utilities, rent, office supplies, repairs, etc.
  • Business vehicle expense – You can either keep track of all your actual expenses with receipts or use the 2012 standard mileage rate of 55.5 cents per business mile driven.
  • Accounting and legal expenses – Any expense you have to pay to your accountant or lawyer that impact your business in that tax year. Also, any books you buy to help with accounting and legal expenses are deductible.
  • Bad debt – Goods you sell to a client are deductible (parts, equipment, etc.), but service (your labor) is not.

HVAC/R Techs

HVAC/R techs can deduct unreimbursed expenses that employers do not cover. Below are some examples:

  • Tools you use for your job
  • Miles driven for work purposes in your personal vehicle
  • Entertainment expenses
  • Home office expenses, if you work a lot out of your home

Hopefully, these tax tips can help alleviate some of the stress and keep a little more cash in your wallet. It’s always a good idea to get details from a tax professional. They will know which specific expenses you can write off.