As a building contractor, you will be able to write certain items off that you purchase. Watch this video to learn more about tax deductions or credits that can be used to reduce your tax burden and help you save more money. Part of making more money is learning how to reduce the amount of taxes you pay on a regular basis. You definitely need to take full advantage of the legal tax system and understand what you can and cannot deduct from your federal and state tax returns. [+]

I am going to owe the IRS around $350 this tax year. I have a business, which i couldnt attend to this year and it has $120 in losses and $0 in revenue. Making it a Net Loss of $120. Out of the $120, $100 was for the business licenses, $20 ebay fee's. My question is will i be able to claim this $120 as a deduction on my personal income tax, because i will be filing my business tax with my personal tax. [+]

I am a small business owner and was told buy another that the interest that I have paid from a credit card, used only for that business can be used as a tax deduction. My tax person has told me know that you never can use the interest from a credit card to be used as a tax deduction. Does anyone know the correct answer? [+]