Reduce Taxable Income With Deductible Business Expenses
All expenses are expensive, especially when it comes to your business. But, you probably know that they can help reduce your taxable income, which helps you keep more of the money you earn.
While there are many types of deductions, some of the most common are those that are itemized for a home office AND your entertainment expenses. While that may sound simple, it’s important to understand what these deductions actually are before you file your taxes.
Business expenses can include repairs to your equipment, your advertising and marketing, and many of the other items you use for your daily operations.
There are many advantages to deductible business expenses and tax attorney Mary King of the Law Office of Mary E. King, P.L. offers some input. She says:
“Deductible business expenses reduce the taxable income of your business. This saves money and can provide tax benefits for your company, and for you. Tax deductions help businesses control their exposure to taxes and how much the business will ultimately have to pay to the IRS.”
King continues to say that this is important because when a company pays less in taxes, that “extra” money can be used for other purposes, such as paying employees or giving back to the community.
So, you may be wondering if your business expenses are deductible.
To get a good idea, you should first check the IRS website for a list of approved deductions. But to be sure, you should contact an experienced tax attorney for the best advice on what your business can legally deduct.
If you have any questions about filing your business’s taxes, you should contact a qualified tax attorney such as Mary King. The Law office of Mary E. King is available to help you with any tax issues. So don’t hesitate to get the help you need.