While you're likely aware claiming deductions can save your small business money on your tax return, you may be wondering what types of expenses you can deduct. If you're not a fan of tax season, one thing that can make the task of preparing and filing your tax return more bearable is maxing out the various tax deductions your small business qualifies for. So, what can you deduct this tax season?
According to creditcards.com, deductible expenses must be ordinary and necessary. Ordinary expenses must be common to your business or industry, and necessary expenses must be helpful or appropriate to your business.
There are three types of expenses that you may be able to write off elsewhere on your return, but they wouldn't qualify as deductible business expenses. The include expenses used to figure the cost of goods sold, capital expenses, and personal expenses.
What's deductible for small businesses this year? You can find all necessary information on the IRS' website, but below are a few highlights creditcards.com complied.
There are three types of expenses that you may be able to write off elsewhere on your return, but they wouldn't qualify as deductible business expenses. The include expenses used to figure the cost of goods sold, capital expenses, and personal expenses.
What's deductible for small businesses this year? You can find all necessary information on the IRS' website, but below are a few highlights creditcards.com complied.
Along with the aforementioned expenses, other deductible expenses include rent, education expenses, office supplies, professional dues, subscription fees, postage, office supplies, outplacement services for employees who are laid off, and professional licenses or regulatory fees.
