What Business Expenses Are Legitimate Income Tax Deductions?

Whether you are a sole proprietor, a small business or a corporation, there are a number of business expenses that are legitimate income tax deductions. Typically any ordinary and necessary expense that is associated with your business can be deducted. Familiarize yourself with all of them to help lower your taxable income and save you money.

  1. Travel

    • If your business requires you to travel, you may be able to deduct travel-related expenses.

    Meals

    • Business meals (tip included) are tax deductible.

    Entertainment

    • You may be able to deduct qualifying business-related entertainment expenses.

    Business Gifts

    • You can deduct up to $25 per person for business gifts.

    Car

    • If you use your car for business, you can deduct mileage (currently 58.5 cents per mile).

Related Searches:

Resources

Comments

You May Also Like

Related Ads

Featured