Companies can potentially write off business insurance premiums for a wide range of coverage: property and casualty, workers compensation, disability insurance, health insurance and liability insurance. Those who offer adoption assistance payments or dependent care benefits might also get deductions. Accrual Method IncomeGeneral Rule IncomeSpecial Rules Estimated income. as expenses incurred to incorporate a company and the purchase of fixed assets). Lyft provides this important information on your Driver Dashboard as well as on your year-end Annual Summary sheet. Because youll inevitably lose any unused funds at the end of the year or grace period, its important to only contribute an amount that you project youll spend within the year. When fertilizer goes undelivered, crop yields decline and the price of food rises. Income Subject to Tax ('Taxable Income') $. When you file your taxes, there are a few easy-to-make mistakes Taxes may not be the most fun part of life, but they are a reality many of us can't escape. IR-2021-66, March 26, 2021. Form your business with LegalZoom to access LegalZoom Tax services. In the event that you do decide to itemize, make sure you only include appropriate expenses to prevent an IRS tax audit. If the purpose of the trip is to buy business assets, travel expenses are usually treated as part of the cost of the asset theyre a capital expense and cant be claimed. Business Expenses. Learn how to make tax adjustments (such as adding back non-deductible business expenses) to arrive at the income that is chargeable to tax. The IRS defines depletion as the using up of natural resources by mining, quarrying, drilling, or felling.. They are. Get the right guidance with an attorney by your side. Share sensitive information only on official, secure websites. Read on to find information about deductions that can help your business save on taxes. Small businesses need to consider short-term and long-term needs and goals in deciding how to deduct equipment costs. Use this guide to learn more about the difference between an LLC vs. an S corporation. In other words, they must satisfy all these conditions: Learn more about the tax deductibility of expenses by watching our e-Learning video. An expense in accounting is the money spent, or costs incurred, by a business in their effort to generate revenues. Sort. Add these miles to any other business miles to get your total business miles. 19 Responses to "Business Expense Deductions That Can Lower Your Tax Bill". If you want to use the standard mileage rate, you must choose it in the first year you use the car for business. 17 : You can learn more about travel expenses from IRS Publication 463, Travel, Car and Gift Expenses.. Our network attorneys have an average customer rating of 4.8 out of 5 stars. Next Steps:Want to learn more? It is important to understand and track them to take full advantage of the deductions they offer. Please try again later. Exhibitionist & Voyeur 02/17/17: A Peaceful Investigation (4.62) Liz and Harry get to know their neighbors. Learn more about the APDR at the For businesses that do not meet this criteria, the IRS offersthis handy guidelineon its website. for answers to your tax questions. Many are standard, like payroll and benefits expenses, but Congress occasionally creates temporary deductions and/or credits during economic crises such as the Great Recession or the COVID-19 pandemic. Please call your medical provider for any other symptoms that are severe or concerning to you. If a small business owns its premises, it pays for electricity, gas, water and trash collection. As mentioned above, Lyft does this for you on the Lyft Driver Dashboard and on the Annual Summary sheet. Multiply $50,000 by .075 to get $3,750. How To Protect Your Tax Refund From Being Stolen. Taxes affect our retirement planning, how costly it is to own a home and how much take-home pay we receive Before completing your taxes this year, understand how capital gains tax works and how new changes affect your filing. As long as they dont exceed your profit for the year, you may be able to deduct them. As Galesburg City Council considers a .25% sales tax increase business owners have been making their concerns about the tax known. Are Employee appreciation gifts a deduction? The Unique Entity ID is a 12-character alphanumeric ID assigned to an entity by SAM.gov. Having the expense head will be able to keep provisions for the same and have an account of the same. If you are an employee, complete Form 2106, Employee Business Expenses. The Hartford is not responsible for and makes no representation or warranty regarding the contents, completeness, accuracy or security of any material within this article or on such sites. An HRA is a group health plan funded by an employer. This startup business budget template includes tips and formulas that can help entrepreneurs track budgets, get a loan, and more. Trusted websites. You can't use personal expenses to reduce business income. WebWhat is Non-Deductible. Some deductible business expenses are universal all small business owners incur them. These include personal expenses (such as travel, or entertainment not related to the running of the business) and capital expenses (such as expenses incurred to incorporate a company and the purchase of fixed assets). They might also make one-time purchases like computers and monitors for the office or point-of-sale systems for cash registers and checkout systems. Brought to you by The Hartford. Federal government websites often end in .gov or .mil. Add these miles to any other business miles to get your total business miles. The office must be your principal place of business and be for the convenience of your employernot just helpful in conducting your job. Category. An ordinary expense is one that is common and accepted in your field of trade, business, or profession. An FSA is an account that you and possibly your employer put pretax funds into to pay for qualifying medical and dental expenses for you, your spouse and any dependents. A brother and sister discover each other on July 4. The second method you can use to compute the business use of your car is called Standard Mileage. We are not a law firm, or a substitute for an attorney or law firm. to 1%/ 2% of total remuneration if company is under Portable Medical Benefits Scheme (PMBS) or Transferable Medical Insurance Scheme (TMIS)), Motor vehicle expenses(such as upkeep, maintenance, running and financing costs of goods/ commercial vehicles e.g. In the example above, the driver logged 5,000 online miles. You should always consult a professional. Food and beverages will be 100% deductible if purchased from a restaurant in 2021 and 2022. All are deductible. Operating expenses, operating expenditures, or opex, refers to the costs incurred by a business for its operational activities. The debt that often results from medical bills can create financial strain even for people with savings earmarked for extra expenses. That's why it's so crucial to avoid mixing business and personal expenses by using the same checking account or credit card for both purposes. Whether the people working for you are full- or part-time staffers or independent contractors who receive 1099 forms from you rather than W-2s, their pay is a deduction. Re your statement that The government also puts a 50% limit on car, airfare or other transportation expenses.. not legal advice. Any company we affiliate with has been fully reviewed and selected for their quality of service or product. 1997-2022 Intuit, Inc. All rights reserved. Legal costs or the money you pay to consultants or external accountants are part of the professional services expenses category. Although mixing business with pleasure sounds nice in theory, any good accountant will tell you otherwise. Deductible real property taxes include any state or localtaxes based on the value of the real property and levied for the general public welfare. For example, if your Annual Summary show that you drove 5,000 online miles and your odometer indicates you drove 10,000 miles for the year, divide 5,000 by 10,000. All Right Reserved. Dont Miss:Receipts You Need To Save for Tax Time. If the purpose of the trip is to buy business assets, travel expenses are usually treated as part of the cost of the asset theyre a capital expense and cant be claimed. The amounts paid Funds must be used for business-related expenses, including payroll, working capital, business rent, inventory, supplies, equipment, and other operating costs. Thats a lot. A business can usually deduct the costs paid to cancel a business lease. 1 If the vehicle qualifies for capital allowances (goods/ commercial vehicle), you can include the cost of COE to the cost of vehicle and claim capital allowances. Make sure that the total of all itemized deductions is more than the standard deduction or it wont benefit you, said Danielle K. Roberts, Medicare insurance expert and co-founder of Boomer Benefits. When you divide 30,000 by 40,000, the result is 0.75, or 75%. WebQuickBooks Online is great for businesses who need access to their business data from anywhere and real-time collaboration. As with mileage, you can only deduct the expenses related to your business. Most business expenses fall into specific categories. The publication indicates that even if an expense is not included on the list, it might still qualify as long as it meets the provided definition of a medical expense: Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body. These can change with the passage in Congress of new tax laws. WebYou can only claim allowable expenses for the business costs. Tax relief can offset these costs by allowing you to lower your tax burden so that you pay less income tax and keep more of your money. 2022 GOBankingRates. Get the right guidance with an attorney by your side. Instead, it offers the general rule that any expense that is ordinary and necessary for running your business is deductible. Every day, get fresh ideas on how to save and make money and achieve your financial goals. You have to list these expenses on Use of our products and services are governed by our Category. WebStartup expenses. 1 way to abbreviate Other Expenses in Business: Business. The business use of your car can be one of the largest tax deduction you can take to reduce your business income. This is an accessible business startup cost template. Look for a lock () or https:// as an added precaution. As important as your vehicle expenses are for reducing your tax bill, they are not your only business deductions. How to Create Social Media Videos to Market Your Small Business, 10 Tips for Starting Your Business in Your State. Canceling a lease. However, if the IRS considers your hobby to be a business, the net loss would be deductible against other income, similar to any other net business loss. If you're interested in learning specifically which companies we receive compensation from, you can check out our Affiliates Page. Neither references to third parties, nor the provision of any link imply an endorsement or association between The Hartford and the third party or non-Hartford site, respectively. And those who own their premises might deduct mortgage interest. Multiply $50,000 by .075 to get $3,750. A significant deduction available to small business owners is thehome office deduction. The content displayed is for information only and does not constitute an endorsement by, or represent the view of, The Hartford. The rate is 58.5 cents per mile for the first half of 2022 and increases to 62.5 cents per mile for the last half of 2022. This temporary 100% deduction was designed to help restaurants, many of which have been hard-hit by the COVID-19 pandemic. If you are self-employed, deduct the business expenses on the appropriate form (Schedule C, E, or F) used to report your business income and expenses. While the IRS permits a wide range of business deductions, there are many exceptions and prohibitions. Your email address will not be published. You can reference the IRS website for a full list of deductible business travel expenses. Because your business income is used to calculate two taxes: your personal income tax and your self-employment tax (the amount you pay into Social Security and Medicare as the owner of your rideshare business). In making the distinction between a hobby or business activity, take into account all facts and circumstances with respect to the activity. Owners must have receipts for these purchases. WebReimbursement of meals and entertainment for business purposes will be on the basis of actual and reasonable costs up to a maximum of $50 per day in the local Amherst area and a maximum of $75 per day in all other non-major and major U.S. cities. Bringing Out the Best of America AmeriCorps members and AmeriCorps Seniors volunteers serve directly with nonprofit organizations to tackle our nations most pressing challenges. The IRS defines medical care expenses as payments for medical treatment, medical supplies and medical equipment, and diagnosis, mitigation and prevention of disease. You can only claim allowable expenses for the business costs. 1. In a subsequent year, a logbook was maintained for a three-month sample period during April, May and June, which showed the business use as 51%. To qualify for the deduction, expenses must be both ordinary and necessary business expenses. Bank fees, interest on credit cards and loans, financing costs and depreciation are all part of the cost of doing business. However, only the business use portion of each item is deductible as a business expense. Terms of Use and Enter on this line the total of other expenses you incurred to earn income, as long as you did not include them on a previous line. A Increase font size. Ways to cut down expenses of a business:-. Unfortunately, not everyone will be able to itemize their medical expenses. But be sure to save all bills, receipts, and other documentation related to your business expenses. Get legal help. You can find it under the heading Online Miles. Pour tout conseil juridique, toute recherche ou toute interprtation de la loi, prire de consulter un avocat ou un parajuriste. Thats the case whether the restaurant is near your office or the meal takes place during business travel. WebBusiness start-up costs in the US, business owners who are filing in their first year of operation can claim up to $5000 in business start-up costs under Other Expenses. Other Expenses Abbreviation in Business. LLCs and S corporations are different aspects of business operations, but are not mutually exclusive. In theory, both methods of calculating the expense of business use of your car should produce roughly the same result. outplacement support costs, Thank you for the very helpful information! To find the percentage of your cars use for business, divide your total business miles by the total number of miles you drove for the year (business + personal). For example, if your actual expenses were $9,500, you would multiply that figure by 50 percent. The form youll use to calculate your net business income, Schedule C, Profit or Loss From Business, has lines for several types of business expenses. Be sure to keep all your receipts so you can calculate the deduction both ways and then choose the method that benefits you the most. Actual results will vary based on your tax situation. WebUse Marketplace to explore enterprise apps for Google Workspace. A necessary expense is one that is helpful and appropriate for your business. Non-deductible business expenses are activities you or your employees pay for that do not fulfil the conditions above. You can't use personal expenses to reduce business income. Read more. Borrowing costs as a substitute for interest expense or to reduce interest costs, CPF-relatedStatutory contributions to CPF, Ad-hoc contributions to employees' CPF MediSave Account via the Additional MediSave Contribution Scheme, Topping-up Employees' CPF Retirement Accounts/ Special Accounts on Their Behalf, Voluntary cash contributions to self-employed persons' MediSave Account, Certificate of entitlement (COE) for motor vehicles1, CPF-relatedVoluntary contributions to CPF (refers to CPF contributions exceeding the statutory rate), Topping-up Employees' CPF MediSave Accounts on Their Behalf, Interest incurred on late CPF contributions, Digital taxes imposed in the form of turnover taxes (not incometaxes), Depreciation (you may instead claimcapital allowances), Dividend payments made on preference shares, Employee Equity-Based Remuneration (EEBR) Scheme, Exchange loss (trade and revenue in nature), Entrance fee (country club or other clubs), Exchange loss (non-trade or capital in nature), Expenses incurred before commencement of business, Fixed assets acquisition cost (you may instead claimcapital allowances), Income tax of employee borne by employer (in accordance with employment contract), Insurance for underwriting bad trade debts, Interest incurred on late payment of fees to a Management Corporation for a Strata Title Plan (MCST), Interest incurred on loans to re-finance prior loans or borrowings, Intellectual property (IP) licensing expenditure, Singapore income tax and any tax on income in country/ territory outside Singapore, Interest expenses on non-income producing assets (interest adjustment), Legal and professional fees (trade and revenue transactions), Upfront lease expenses incurred by tenants (commission, advertising, legal fees and stamp duty incurred in obtaining, renewing or extending leases), subject to Section 14ZE of the Income Tax Act 1947, Medical expenses(restricted Special rule for related persons. There are two methods of calculating the business use of your car. Here are some other business expenses employees can deduct on their tax return: Dues to professional societies, excluding lobbying and political organizations. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business. 2 . In either case, these are just business expenses examples that might be deducted from your taxes. Some of these include: If the hobby is deemed a for-profit business, the IRS allows you to deduct expenses. For those taxpayers who legitimately engage in a hobby-like activity as a form of business, a business deduction is still allowable. With a hypothetical $6,500 in medical expenses, subtracting your $3,750 base amount from the $6,500 in expenses equals $2,750, which is your deduction if you choose to itemize rather than take the standard deduction. You can also file your self-employed taxes on your own with TurboTax Self-Employed. An expense is 'incurred' when the legal liability to pay the expense arises, regardless To take advantage of this, you must itemize your medical expense deductions on your IRS 1040. For tax purposes, it is important to keep a clear record of all business expenses, whether the expenses are fully or partially related to the business. Limited interest and dividend income reported on a 1099-INT or 1099-DIV, Hobby, personal property rental or personal item sales income reported on Form 1099-K. Small business owners can save time, money, and potential legal problems by engaging a professional to prepare their tax returns. The payroll taxes that employers must pay include Social Security and Medicare, and both are deductible business expenses. One is its standard mileage rate set annually. Todays era is the era of computer and technology. The expenses are not prohibited from deduction under the Income Tax Act 1947. A Reset font size. van, lorry and bus), Medical expenses(amount exceeding 1%/ 2% of total remuneration if company is under PMBS or TMIS), Motor vehicle expenses(S-plated, Q-plated and RU-plated cars), Provision for bad and doubtful debts (specific) (noteimpairment loss on trade debts), Additional Petrol Duty Rebate (Budget 2021)2, Prepaid expenses (not relating to the relevant basis period), Private and domestic expenses (expenses not incurred for business purpose), Provision for bad and doubtful debts (general) (noteimpairment loss on trade debts), Reinstatement costs(expenses Why You Should Line Up a Tax Preparer Now and What Paperwork Youll Need. Before sharing sensitive information, make sure you're on a federal government site. See:Why You Should Line Up a Tax Preparer Now and What Paperwork Youll NeedFind:Tax Prep 2022: AARP Offers Free Assistance What Documents Will You Need To Provide? Whenever possible, always keep separate bank accounts, receipts, and records.for, A CPA by trade, but a writer at heart, Naomi Levenspil jumps at the chance to exercise the right side of her brain. To avoid trouble with the taxman, dont try to deduct non-qualifying medical expenses. Many of the business owners that spoke at Mondays council meeting were concerned about the negative effects of an increased tax on them while still voicing support for the idea of a community center. Use this template from Excel to calculate startup business costs. WebThe .gov means it's official. Employers who require or recommend education or training for staffers can deduct the cost of classes under certain circumstances. The costs of creating advertising, marketing, brands and logos are also possible deductions. Working from home offers many attractive perks in terms of flexibility and convenience. Schedule C, the IRS form which sole proprietors use to report their income, has a business expenses list with 20 broad categories that include: Categorizing expenses is an important part of keeping good business records. LTA's website. Federal government websites often end in .gov or .mil. FSA funds may not be used for health plan insurance premiums but can be directed toward coinsurance or copayment costs. Other Expenses. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. The Power and Energy Ministry yesterday held discussions with the senior officials of the CEB to identify the areas where the costs and expenses of the entity can be reduced. So, having a staffer take courses to upgrade their computer skills may be deductible, but sending a marketing department staffer to law school probably isnt. See: 6 Types of Retirement Income That Aren't Hopes for another round of expanded Child Tax Credits (CTCs) before the end of 2022 might hinge on a requirement that parents work to become eligible. Owners may have to pay local property taxes, and if theyre employers, payroll taxes. But other tax-advantaged options are available that can help you save on these costs. If youre self-employed as Sole Proprietor you can also write off a % of Long Term Care Insurance premiums. The IRS recognizes that many business owners use their personal vehicles for company purposes. On April 4, 2022, the unique entity identifier used across the federal government changed from the DUNS Number to the Unique Entity ID (generated by SAM.gov).. And coverage aimed at specific industries or professions, such as malpractice insurance, may also be deductible. If the IRS deems the activity to be a hobby, any cost of carrying on the activity aren't deductible. For renters, unless the landlord covers those charges, the business is responsible for paying them. 2. Terence Loose is an award-winning freelance writer who writes about everything from travel and sport to fitness and finance. Youre welcome! The IRS gives two options for computing the deduction at tax time. Youd need over $3,750 in medical expenses to claim a deduction. The publication indicates that even if an expense is not included on the list, it might still qualify as long as it meets the provided definition of a medical expense: Although writing off medical expenses as deductions. Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses), Treasury Inspector General for Tax Administration, Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses) 5. In general, you must use the funds in your FSA account within the year, but your employer has the option to provide you with a grace period of up to 2 1/2 additional months or allow you to carry over up to $570 in unused funds to the following year. (Income minus deductible expenses) Generally, deductible business expenses are those 'wholly and exclusively incurred in the production of income'. Mortgage interest paid on a second residence used personally is deductible as long as the mortgage satisfies the same requirements for deductible interest as on a primary residence.. Quarterly estimated tax payments are one way the IRS makes sure you pay-as-you-go. Non-deductible business expenses are activities you or your employees pay for that do not fulfil the conditions above. Collect the history data before making future business To make it easier to track their expenses, some Lyft drivers purchase a phone for business use only. A Lyft driver has logged 40,000 miles in 2022, and 30,000 of those miles are for business. WebExpenses Expenses paid in advance. You may be able to deduct business services expenses, including the money you pay your lawyer, accountant and consultant for advice about business decisions, taxes, complying with government regulations and other legal or financial matters. You can deduct the amount you spend on certain types of medical care and products when that amount is above 7.5% of your AGI. of the date of actual payment of the money. Funds must be used for business-related expenses, including payroll, working capital, business rent, inventory, supplies, equipment, and other operating costs. LegalZoom.com, Inc. All rights reserved. Thank you for the nice comment! The IRS does have a comprehensive list of all allowable business deductions. WebThe Harris County Small Business Relief Fund will provide grants ranging from $5,000 to $25,000 to eligible micro and small businesses. Yes and maybe. Qualified expenses are amounts paid for tuition, fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution. WebFunds new technology Cutting business expenses can also be a way to fund a new technology that enables your team to stand out in the industry. You can also look into other tax-advantaged ways to save on medical expenses, such as health savings accounts, flexible spending accounts and health reimbursement arrangements solutions that could shoulder at least part of the financial burden. All forms of employee compensation are deductible wages, salary, bonuses and commissions. However, when you multiply the drivers 30,000 miles by the IRSs 2022 mileage rate of 58.5 cents per mile for the first half of the year and 62.5 cents per mile for the second half, assuming that the miles were evenly splits over the year, the result is a whopping $18,150 ((15,000 x .585) + (15,000 x .625) = $18,150). Printing is a traditional method in business which done at large level in any business organization. Most business expenses fall into specific categories. where there is a complete cessation of business, Staff remunerations (salary, bonus and allowances), Tax fees (service fees paid to tax agent), Transport (public transport and goods/ commercial vehicles). WebEmployee Business Expenses (for use only by Armed Forces reservists, qualified performing artists, fee-basis state or local government officials, and employees with impairment-related work expenses) Other miles. Learn more about the RTR at A business can usually deduct the costs paid to cancel a business lease. The office must be your principal place of business and be for the convenience of your employernot just helpful in conducting your These offers do not represent all available deposit, investment, loan or credit products. Canceling a lease. What Are Estimated Quarterly Tax Payments? Instead of actual expenses, you can use the per-mile Standard Mileage rate set by the IRS. Land Transport Authoritys (LTA) website. When you calculate depreciation each year, you must either deduct the entire cost of an asset in the year you bought it or, in most cases, deduct part of it under the Modified Accelerated Cost Recovery System (MACRS). A hobby loss is related to the pursuit of a hobby or recreational activity undertaken to generate profit. Non-deductible business expenses are activities you or your employees pay for that do not fulfil the conditions above. It only works if you itemize deductions instead of taking the standard deduction.[1]. Of this, you spend 130 on personal calls and 70 on business. Startup expenses. He is a Hawaii-based writer who has covered a broad range of topics during his 20-plus-year career, from finance and education to travel and celebrity. Work-Related Travel Expenses. Note: Given the various types of employment expenses, the calculator below can only help you determine the employment-use portion of your work-space-in-the-home-expenses. You simply attach a Schedule A where you report the total medical expenses you paid. In this example, the driver is able to deduct $9,675 more by using the Standard Mileage method than by using the Actual Expenses method ($18,150 compared to $8,475). In the example above, however, the drivers large lease payments and low mileage result in a higher deduction using Actual Expenses than using Standard Mileage$4,750 compared to $2,925. My best advice is to dive into this IRS publication for all the details. Attorneys with you, every step of the way. Qualified expenses are amounts paid for tuition, fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution. . Can I Form an LLC While Employed or Working at Another Job? Amounts above and beyond $5000 will need to be amortized over 180-month period. Make sure that you also maximize your home office from a tax perspective by claiming your home office deduction. A Decrease font size. You can find it under the heading Online Miles. Frequent flyer points have piled up in Australians accounts as travel took a back seat to Covid while credit cards, supermarkets and other reward programs continued to churn out points. Business expenses are deductible, so they can lower your taxable income and reduce the amount of tax you owe. Other common deductions. Attorneys with you, every step of the way. The Unique Entity ID is a 12-character alphanumeric ID assigned to an entity by SAM.gov. But to qualify for the deduction, home offices or businesses must meet IRS criteria. Your use of information and access to such non-Hartford sites is at your own risk. The driver not only drove more miles, but also had larger actual expenses: This drivers Actual Expenses total $11,300 and since this driver used the car 75% of the time for business, the Actual Expenses deduction is $8,475 ($11,300 x .75 = $8,475). Most business expenses fall into specific categories. Late payment or non-payment of Corporate Income Tax, Voluntary Disclosure of Errors for Reduced Penalties, International Compliance Assurance Programme (ICAP), Enhanced Taxpayer Relationship (ETR) Programme, About Tax Governance and Tax Risk Management, Unutilised Items (Capital Allowances, Trade Losses & Donations), Companies Applying for Strike Off/ to Cease Registration, Companies under Liquidation/ Judicial Management/ Receivership, Companies Servicing Only Related Companies, Adopting Financial Reporting Standard (FRS) 109 & 39 & the Tax Implications, Productivity & Innovation Credit (PIC) Scheme, Interbank Offered Rate Reform & the Tax Implications, Tax Treatment of Interest, Gains or Profits Derived from Negotiable Certificates of Deposit by Non-Financial Institutions, View Statement of Account or View Bills and Notices, Check Rental Transactions from other Government Agencies, Goods and Services Tax (GST): What It Is and How It Works, Responsibilities of a GST-registered 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Beneficiaries, Late filing or non-filing of Income Tax Returns (Form T), Late Payment or Non-Payment of Trust Income Tax, Specific Industries in Tiers and SSIC Codes, Self-review for Eligibility of JGI, SEC, EEC and CTO, Senior Employment Credit (SEC), Enabling Employment Credit (EEC) and CPF Transition Offset (CTO), Government Cash Payout (2021 Rental Support Scheme), Double Tax Deduction for Internationalisation Scheme, Productivity and Innovation Credit (PIC) Scheme, Tourist Refund Scheme (TRS) for Businesses, Angel Investors Tax Deduction Scheme (AITD), Final Deadline to Claim Payouts for Expired Cheques Issued Under 2020 Government Cash Grant and 2021 Rental Support Scheme, Intermediaries of Self-Employed Persons (Taxi Drivers/Private-Hire Car Drivers), Automatic Exchange of Information (CRS and FATCA), #SeamlessFilingFromSoftware (#SFFS) for Tax Agents, IRAS Accounting Software Register Plus (ASR+), How To Support AIS Submission As A Vendor, #SeamlessFilingFromSoftware (#SFFS) for Tax Clearance (IR21), Applying for a Certificate of Residence/ Tax Reclaim Form, Research & Development (R&D) Tax Measures, Writing-Down Allowances for Intellectual Property Rights (IPRs), Examples of Deductible & Non-Deductible Business Expenses, tax adjustments (such as adding back non-deductible business expenses) to arrive at the income that is chargeable to tax, Transport (S-plated, Q-plated and RU-plated cars), Withholding tax on interest payments borne by companies on-behalf of non-residents, Business and IPC Partnership scheme (BIPS), Double Tax Deduction for Internationalisation scheme, Research and Development (R&D) tax measures, Productivity and Innovation Credit (PIC) scheme, Foreign worker levy (FWL) (only the reduced FWL incurred by your company, after deducting the FWL rebate for the corresponding period, is allowed tax deduction), Legal and professional fees (non-trade or capital transactions). 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