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What is the Difference between Office Expenses, General Expenses Form

What is the Difference between Office Expenses, General Expenses Form

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you need to hear this if you're a small business owner let's talk tax deductions all right let's dive in deductible expenses are those you can subtract from your income reducing your taxable income simple right example time client meals deductible personal meals not deductible how about your home office if you use it exclusively for your business It's deductible but that new couch in your living room nope not deductible traveling for business deductible but a vacation disguise as a business trip sorry not deductible remember deductible expenses must be both ordinary and necessary think of them as the costs essential to running your business need more examples office supplies deductible your daily latte run not deductible so next time you're unsure ask yourself is this expense directly related to my business if yes it might just be deductible stay Savvy and keep those receipts organized folks your future tax seas and self will thank you

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