Small Biz Tip: Taxes: Deductions

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]