Tax Savings: What Business Expenses Are Deductible?

 

As a small business owner, every penny counts. That's why understanding deductible business expenses is key to maximizing your tax savings. Here's a quick rundown:

 

• Operating Costs: From office supplies to rent, utilities, and internet, most of your day-to-day expenses are deductible.

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• Employee Expenses: Wages, benefits, and even training costs can reduce your taxable income.

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• Marketing and Advertising: Whether it’s digital ads, print materials, or that snazzy new logo, promotional costs are deductible.

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• Travel and Meals: Business travel, lodging, and 50% of your meals when meeting clients are eligible deductions.

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• Professional Services: Fees for legal, accounting, or consulting services are fully deductible.

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• Home Office: If you work from home, you can deduct a portion of your rent or mortgage, utilities, and even home maintenance.

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• Equipment and Vehicles: Depreciation on business equipment, and a percentage of your vehicle expenses, if used for business, can be written off.

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    Remember, keeping detailed records is crucial! Every receipt and invoice is a step towards reducing your tax bill.

We love helping people get the most out of your deductions, contact us today to see if you could be saving more $$$!