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Posted by San Diego Business Advisors

What is a business expense?

What Is A Business Expense? Business expenses are those vital purchases and expenditures you must make when owning and operating a business. Due to the fact that these are vital for a business, the IRS normally allows you to deduct these expenses when putting together your tax return. However, a business expense is not just anything spent in relation to a business. There are rules and regulations that must be followed so as to avoid any unwanted attention from the IRS. Transportation Any time you commute to work you are making a business expense on fuel, car maintenance, etc. It is important to know that you may only deduct fuel for business related miles only. It is important to keep track of travel not just in a car but also by any other means include planes, trains, and even sea-faring vessels. If something is getting you somewhere you’re doing business, it is likely a business expense and should include it in your tax return. Tech Services Many business today are based online. As such, certain expenses such as hosting and other internet services present a very real business expense for certain companies. These are not small expense and are indeed a business expense that can be deducted to some point. Website design and other web related services are also subject to deduction under the right circumstances. The Essentials Those small expenses you usually don’t think about such as pencils, pens, paper, printer ink and toner most definitely count as business expenses. Office utilities (electricity, water, gas, etc) also count towards owning and operating a business and should be listed as a business expense. Rules There are many rules to deducting business expenses that truly rely on being aware of the small details and minutiae that go into it. This is why it is important to have a tax expert that can help you out when the time comes to pay (or not pay) Uncle Sam. It is always important to be aware of how you can traverse the world of business without making any unnecessary expenses. A tax advantage is something we could all use whether it be for personal benefit or a business tactic. Being aware of all of this is vital, which is why there is help available. San Diego Business Advisors has been the provider of valuable financial and business advice and services for many years. Their personalization and attention to detail has saved many business a lot of money and time since its creation. Do you think you may be paying more taxes than you truly need to? If so, contact San Diego Business Advisors and let them turn your business into the success you know it can be and avoid any unnecessary taxes while benefitting when possible.
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