Colorado Springs, Colo. (Jan. 29, 2004) -- The home office deduction, failure to deduct general business expenses, and meals and entertainment expenses are among the ten most frequently missed business tax deductions, according to Colorado-based Tax Recovery Group.
The remaining most frequently missed business tax deductions are: imputed interest on corporate shareholder loans; personal assets converted to business use; a deduction for 70 percent of health insurance premiums for self-employed persons; company entertainment paid for with personal funds; communication expenses; the fuel tax credit; and automobile expenses, according to TRG.
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