How to Deduct Magazine Subscriptions From Taxes
Deductions on taxes can be complicated and confusing, especially if you are self employed. Magazine subscriptions can be deducted if they are claimed correctly. To ensure that all deductions are handled properly, get the advice of your tax professional before risking improperly deducting a magazine subscription. Use these steps to learn how to deduct magazine subscriptions from your taxes legally.
- Difficulty:
- Moderately Challenging
Instructions
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Consider the type of business you have. Some business, like medical offices and other establishments requiring a wait time, have obvious magazine subscription deductions as it caters to the well-being and comfort of the patient or customer. Think about the way your magazine subscriptions are used.
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Determine whether magazines can assist you in any way in your business. If you have a catering business, perhaps magazines such as Essentially Catering or Chef Magazine would benefit you and be deductible. The same goes for subscribing to magazines like Celebrity Hairstyles and American Salon if you own a hair salon or cut hair in a salon where you lease space. Any magazine that helps you in the function of your business is usually deductible.
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Research the laws to find out what is deductible and what is not. Remember to look up information separately for federal and state. See Publication 529 of the Internal Revenue Service for more information. Check with your state Department of Revenue for state information.
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Be prepared before researching or talking to a tax professional. Have all the receipts for the paid subscriptions and some kind of documentation showing the active subscription. Consider the name and address on the subscription. Is the subscription in your personal name and goes to your home, or is it in the company name and arrive at the office? This can make a difference in the deduction process.
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Talk with your tax professional. If ever in doubt, they should either know how magazine subscription deductions work, or they will have access to the correct answer quickly.
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