Your tax return is due by April 18, 2011 (the deadline was extended three days this year because of weekends and holidays). If you haven’t filed yet, make sure you haven’t forgotten the following 10 tax deductions, which are often overlooked by real estate agents and brokers.
1. Business clothing with logos: You can deduct clothing you buy for business use only if it can’t be used for ordinary street wear. This means you can’t deduct a regular business suit. However, you may deduct the cost of a sport jacket, coat or other clothing item with a company logo on it.
2. Car expenses if you take standard mileage rate: If, like most small businesspeople, you use the standard mileage rate to deduct your car expenses, you get to deduct 50 cents for every business mile you drove in 2010. You don’t get to separately deduct the cost of gas, insurance, depreciation and similar items because these are all included in the standard mileage rate.
However, you can still deduct certain expenses, including the interest you pay on a loan for your business car, parking and tolls. However, you can’t deduct the cost of parking tickets.