Pursuant to the Internal Revenue Code, C Corporation and S Corporation tax returns are due on the 15th day of the third month following the end of the corporation’s tax year. For the majority of corporations, this day will be March 15th (unless the 15th is a Saturday or Sunday). Because March 15th is in just two days, here are some often-overlooked corporate tax deductions.
1- Automobile deductions.
2- Start-up expenses (up to $5,000, remainder must be amortized over 15 years).
3- Legal and professional fees (if they are for legitimate business purposes).
4- Meals and entertainment are 50% deductible.
5- Purchase of new equipment (up to $250,00, subject to phase out when purchases exceed $800,000 in 2009. Additional requirements must also be met).
For a complete list, see Top deductions for your small business.
1- Automobile deductions.
2- Start-up expenses (up to $5,000, remainder must be amortized over 15 years).
3- Legal and professional fees (if they are for legitimate business purposes).
4- Meals and entertainment are 50% deductible.
5- Purchase of new equipment (up to $250,00, subject to phase out when purchases exceed $800,000 in 2009. Additional requirements must also be met).
For a complete list, see Top deductions for your small business.
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