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 your revenue to reduce your taxable income. Stay organized
throughout the year.
We post these small business tips to our employee's Twitter account each day, Monday through Friday. This is a reposting of those tips.
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