What Can I Deduct From My Business?
When running a business, you have to figure out what business expenses are deductible. So what kind of business deductions that should be considered deductible? This is a question we get all of the time from business owners. Can I deduct startup costs, auto deductions, research and development costs? To be deductible, a business expense must be both ordinary and necessary.
Is one that is common and accepted in your trade or business.
Is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.
What are the ordinary and necessary expenses of your business?
Restaurant – Food costs
Manufacturer – Machinery and equipment
Wine distributor – Warehouse rent
In our video, we go into detail about deductibles for your business as well with what to separate your business expenses, de minimis safe harbor election, and what the IRS doesn't tell you!
If you need help or have any questions please feel free to call us at (832) 295-3353, or you can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php.