Overlooked Tax Deductions You Should Know About
CHICAGO — Every year, millions of people and businesses overpay their taxes because deductions are overlooked or, in most cases, the taxpayer is simply unaware of them.
Because of this, this month's Business of the Business from Tornado Industries, manufacturers of a full line of professional cleaning equipment, provides this list of commonly overlooked tax deductions:
For some deductions, specific conditions may apply. in order for the deduction to be taken. In all cases, ask a tax professional if you qualify for any of these overlooked deductions.
Further, you should understand exactly what a tax deduction is. Just because a deductible item costs $100, for instance, that does not mean the full $100 is deductible off of your income tax.
Instead, the deduction is usually based on your tax bracket. For example, if you are in the 20 percent tax bracket, $20 of that $100 is deductible. Again, always consult with a tax professional to be sure you are taking the correct deduction.
The Business of the Business Advisory is designed to help building service contractors operate their businesses more efficiently and profitably.
Visit us on Facebook at: http://tiny.cc/sq5ql
Available For Interviews And Industry Commentary:
Tornado Industries President Michael Schaffer is available for interviews and industry commentary by calling (630) 818-1300
About Tornado a Tacony Company
Tornado Industries has been engineering quality cleaning equipment for more than 80 years. The company has a long history of developing innovative products and applying the latest technology to increase productivity, reduce costs, and improve safety. Tornado prides itself on always being on the cutting edge of cleaning solutions. Many of the company's products are manufactured in the United States with domestically and globally sourced parts.