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How to Determine Business Deductions and Do Your Accounting Based on Cash Or Accrual

Business Deductions
One of the things I try to remind people of is to always be thinking. It’s not only the obvious expenses of your business, there are a lot of other business deductions you should be thinking about. Obviously if you spend $100 to replace a window that’s a business expense – that’s as clear as day.
What I’m talking about is if you have to drive over to your property to pick up rent, that mileage is a business expense and it’s deductible. You should be tracking it and deducting it.
If you use part of your home office or your home to do your accounting to run your business, you can deduct a portion of your home expenses. These are things that are not that intuitive.
Any sort of educational material – books and things like that – are deductible. If you have to wear specialized clothing …

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