Are business expenses tax deductible?
Yes, many business expenses are tax deductible, which can significantly reduce your taxable income.
To be deductible, expenses must generally be considered both ordinary (common and accepted within your industry) and necessary for the operation of your business.
Common examples of deductible business expenses include:
- Office supplies
- Travel and lodging for business purposes
- Advertising and marketing costs
- Employee salaries and benefits
- Professional services (e.g., accounting, legal)
It's crucial to maintain accurate records of all business expenses.
Consulting with a qualified tax professional is highly recommended to ensure you're taking advantage of all eligible deductions and complying with all tax regulations.
