EP11: Top Tax Deductions All Business Owners Should Know

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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!

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