So, if you’re an artist, you need paint and brushes and canvases to create your artwork. In other words, if you need certain items or services to survive as a business, you can write off those expenses on your tax return. Instead, they leave small-business owners with this general rule of thumb for what business expenses you can write off your taxes: If something is “ordinary and necessary” to running your business, then it’s a tax-deductible expense.īusiness taxes can be confusing. Unfortunately, the IRS doesn’t have a master list of small-business tax deductions for each and every profession there is. The last thing you want to do is miss out on deductions that could save you hundreds or thousands of dollars on your taxes or, worse, make some mistakes that leave you in hot water with the IRS.īut don’t worry! We can help you get a better grasp on what you can write off your tax return. You’re looking for ways to improve your product or service, what you can do to improve your customer experience, and how you can cut costs and increase revenue.īut not paying attention to your taxes could cost you big time-especially if you’re not sure which small-business tax deductions you’re eligible for. We know it.Īnd, quite frankly, you probably feel like you have much bigger fish to fry. We don’t have to convince you that taxes are complicated-especially for small-business owners.
0 Comments
Leave a Reply. |