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.
"Although some of these deductible expenses may seem minor at the time, over an entire year, they can add up to thousands of dollars that an individual business is unnecessarily paying the IRS," TRG president Brace Barber said.
-- WebCPA staff
