Small Business Tax Deductions: Tips on Planning Ahead for Next Tax Season
Was your first question this tax season, “I owe how much?” If so, the first place to start is to identify what you can write off as small business tax deductions next year. With a little organization and planning, you can save a lot more money than you thought possible. You work hard to make your small business profitable and successful; planning ahead will ensure your business thrives now and in the future.
Small Business Tax Deductions
Is your business taking advantage of small business tax deductions? A deduction is a business expense that can be used to reduce your total taxable income. What expenses qualify for a deduction? According to the IRS, expenses that qualify for a deduction must be “both ordinary and necessary.”
The IRS further explains that “An ordinary expense is one that is common …
