Also referred to as write-offs, business deductions are allowable expenses that will help reduce your taxable income. Businesses are taxed on their net income, calculated by subtracting business expenses from gross income. Though most operating expenses are tax-deductible, some may or may not be deductible, depending on the circumstance. The IRS clearly states that no cost is deductible unless it’s …
Tax Breaks For Small Businesses in 2020
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