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The Basics on Business Expenses Deductions

Audio version available here:

Length: approx. 1 min. 20 sec.

Welcome to the XQ CPA Tax Day Checklist, a series sharing tax tips every day leading up to the April 15th tax filing deadline. Today, we will be discussing deductions for potential business expenses incurred in the regular function of your business.

Small businesses have the ability to write off several potential expenses incurred during day-to-day function. Such ordinary and necessary expenses include, but are not limited to, bad debts, car and truck expenses, depreciation, employees’ pay, insurance, interest, legal and professional fees, pension plans, rent, and more. These each have certain regulations that must be followed, so be sure to read and understand official IRS resources if you decide to claim them.

Other expenses the IRS allows to be deducted include advertising, bank fees, donations to business organizations, education expenses, impairment-related expenses, interview expense allowances, licenses and regulatory fees, moving machinery, outplacement services, repayments of income, supplies and materials, utilities, and even more.

Want more tax tips? XQ CPA has all the latest and greatest tax tips and business news for 2023 tax filing. Tune in tomorrow as we go over business meals and entertainment expenses. This one is especially important as there are new rules in place for 2023 tax filing.

Phone: 832-295-3353

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