Manage episode 290920807 series 2885659
Are you getting ready for tax season? In this episode of Empire Tax Professionals, let's talk about the top deductions that business owners should know. There is a lot of confusion in the online world with regards to this. The IRS general rule of thumb is — activities, services, and items deemed "ordinary and necessary" in making sure the business survives, and running is considered 100 percent tax-deductible expense. KEY TAKEAWAYS: ✔️ Every industry has specific activities critical to operations, and it takes careful assessment to identify which items are considered typical for each company. ✔️ You want to break it down as much as possible to reduce the risk of audit and make sure to keep detailed records and receipts. ✔️ Advertising costs are deductible, including Facebook ads, Google Adwords, virtual assistants labor costs, and other marketing expenses. ✔️ Office supplies and fees that you need to operate your business can be grouped under this category and deducted. ✔️ Professional development and education that adds value to you and your team qualify as tax-deductible. Did you ever imagine spending this much time on your financials? 📚 👓 To get a checklist of top tax deductions specific to your industry, get in touch with Empire Tax Professionals! Contact us today: https://empiretaxusa.com/ and book a FREE strategy session with an Enrolled Agent on our team!