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Does Your Business Have a Website?
Does Your Business Have a Website?
If so, you may be entitled to certain tax deductions.
Whether you are planning to start a new business or looking to advertise your existing business, having a website is a good marketing strategy. It’s also a good tax planning strategy if you’re looking to reduce taxable income. Developing a functional website may be difficult, but taking the tax deduction is easy. Just keep track of the following expenses:
- Computers and peripherals, including monitor, mouse, keyboard, and printer. Note whether it is new or used, so bonus depreciation can be taken if eligible.
- Internet and phone charges.
- Consultant fees (an expert can be helpful for a quick set-up and thoughtful design).
- Domain registration fees.
- Web hosting fees (monthly or annual).
- Software used to develop and maintain the site.
If you receive one of these letters, contact us as soon as possible. In most cases, the IRS expects a response within 30 days. A failure to respond, when required, might result in a proposed assessment of additional tax or further compliance action.
