8 Miscellaneous Business Operating Expenses You Can Deduct for tax purposesAs a small business owner, it’s important to understand the ways you can take advantage of tax breaks and deductions to reduce your tax liability.
You’ll want to keep good records and don’t be afraid to ask for help from experts when you don’t know how to file your taxes. When you think of business expenses, the most common ones are rent, internet, utilities, and insurance, but there are countless examples of miscellaneous expenses that can be written-off as well.
To define operating expenses, consider all costs and fees associated with running and managing a business. Such costs incurred for the running of a company are tax-deductible.
As part of our commitment to provide valuable resources that help our community of solo practitioners run their business, we would like to share a list of the top business operating expenses that are eligible for deductions:
- Office supplies, rent, and utilities
- Business tax, fees, licensing
- Professional service, accounting, and legal fees
- Motor vehicle costs
- Meals and entertainment
In the following article by Quickbooks, you will find a more detailed explanation of each expenses and how they can be eligible for tax deductions.
We hope this is helpful 😊.
CompanyOn Expense’s tracking feature is an intuitive and easy to use tool that allows your business to keep track of everything in a very organized manner. It’s super-easy to use, and you can even create your own custom reports that you can export to your favorite accounting software.If you need help with bookkeeping, this is a great option you can take advantage of as part of our services!
Disclaimer: This information is provided in an attempt to heighten sensitivity, increase awareness, and enhance judgments on this topic. We encourage our audience to contact their legal advisor and regulatory body to learn more. CompanyOn does not represent or speak on behalf of any regulatory body.
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