Issue link: https://www.massageandbodyworkdigital.com/i/68012
PREPARING FOR TAX TIME Business Receipt Write-Offs ADVERTISING. From business cards to newspaper ads, advertising expenses are deductible. BOOKS AND MAGAZINE SUBSCRIPTIONS. Keep receipts for any reading material you purchase or subscribe to related to massage and bodywork. CONTINUING EDUCATION. Track mileage to and from your continuing education classes and the cost of the class. HEALTH INSURANCE. If your health insurance is paid through your business, remember to take the tax deduction. HOME OFFICE. If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. MILEAGE. Record the roundtrip distance to your clients' homes or other work locations. If you use your car in your business, you can deduct car expenses. If you use your car for both business and personal purposes, you must divide your expenses based on actual mileage. PROFESSIONAL DUES AND FEES. Accounting fees (including tax preparation) and dues related to massage and bodywork constitute a business expense. RENT. If you rent space outside of your home for massage and bodywork, make sure you claim it as a business expense. SHEETS AND MASSAGE SUPPLIES. Keep receipts for sheets, heating pads, tables, and lotions. These items are necessary to keep your business going, so they're deductible expenses. TRAVEL. Business travel expenses including travel, lodging, and meals are tax deductible. When you plan a personal vacation around business travel, some of those expenses may also be deductible. UTILITIES. The portion of your utilities used for business use can be deductible. Read IRS Publication 535 for details. OTHER BUSINESS DEDUCTIONS. These might include equipment rental fees; cleaning expenses; supplies, postage and delivery costs; laundry services for sheets and towels; business licenses and permits; business liability insurance; interest on business credit cards; and business-related bank fees. for you. Though you'll spend a little more money using this option, you'll have the satisfaction of having a professional do the work for you, plus your accounting and tax preparation fees will be deductible for 2009. Another option is to do your taxes yourself. Though preparing and filing your own taxes was difficult in the past, there are tax software programs available today to help you do the job quite easily. Two highly rated programs are Intuit's Turbo Tax and TaxACT. The basic format of these programs is a Q&A session, with the programs asking you every conceivable tax-related question. You'll answer questions (on your computer) typical of those that your accountant would ask you. Once your questions have been answered and your forms are completed, your chosen tax software program will walk you through the filing process making it relatively painless. The costs for these programs vary, but most versions are less than $100 and the expense is also tax deductible. If your adjusted gross income for the year is less than $54,000, you may qualify for the IRS's Free File Program. The program uses the same question and answer platform as the "pay for use" tax-filing programs already mentioned, but there's no fee. To use this option, access the IRS website at www.irs. gov and complete your taxes online. No one enjoys the tax season or the paperwork it requires. But with some prior planning and organization, you can make the process less painful and a whole lot more efficient. in the Chicagoland area. Her areas of expertise include profile pieces, as well as articles in the areas of health and exercise, parenting, business "how-to" articles, and money-saving tips. For more information, visit www. writerlisabakewell.com. Lisa Bakewell is a full-time freelance writer visit massageandbodywork.com to access your digital magazine 69