Tips from March 8, 2010 The Small Business tips today discuss tax deductions for small businesses.
Business Travel – Deduct your transportation, accommodations, and business-related expenses from your taxes. Combining business and pleasure? Only deduct costs that are business related as long as more than half of your trip is dedicated towards work.
Equipment – Need new machines, equipment, or other necessary supplies to keep your business running? Deduct these necessities from your business taxes.
Rent – Keeping your business under a roof comes at a cost. Deduct your cost for rent to lower your taxable income.
Salaries – What you pay your employees is a necessary expense for your business. Keep records of your employee salaries, and changes throughout the year, and deduct these expenses.
Daily Overview: “Ordinary and necessary” expenses for your business can be deducted from y... [Read Full Article]