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There are some tax deductions that are legal but completely overlooked by most taxpayers. In this article, read and find out more about these tax deductions 2023!
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Tax Deductions 2023 [Photo: Don’t Mess With Taxes]
The tax season can be extremely complicated, demanding, and time-consuming. This is because taxpayers will find themselves spending several hours into preparing the requirements, only to discover that they have a tax bill that is even bigger than what they have expected. In addition, taxpayers also lose money when filing taxes because of the Tax Deductions 2023 they overlook and did not know they can apply for.
Work From Home
An article on MARCA states that several Americans are now working from home because of the COVID-19 pandemic. Unknown to some, the maintenance of a home office, a part of the home utilities, the Wi-Fi, home insurance, and repairs can all be listed as Tax Deductions 2023.
Office Equipment
Several Americans who work from home utilize some kind of equipment to be able to do so. These pieces of office equipment can be listed as Tax Deductions 2023 as well. Office equipment includes computers, printers, pieces of furniture, ink cartridges, and even stationeries can all be listed as tax deductions. This is because they are important to work and are generally provided by the employer.
READ ALSO: Income Tax Deductions: A Guide For The Self-Employed
Expenses
According to Smith, several jobs require employees to travel for work. These travels may be international or just events and meetings in the local area. The 100% of the travel expenses can be listed as Tax Deductions 2023. These travel expenses include business lodging, parking fees, entertainment, and more.
Meals
Lastly, because of the COVID-19 pandemic, the costs of business meals have also changed. Before the business meals were limited to deductions of up to 50%. However, recently, the 100% of the business meals can be listed as Tax Deductions 2023.
READ ALSO: Business Vehicle Tax Deduction On New Car Purchase— Here’s How Much You Can Save!
