| u think that increasing sales is the only way to make a | | | | or all of the following deductions: |
| business more profitable, think again! Decreasing what | | | | - Utilities like electricity, gas, and water can be a major |
| you spend is as essential as increasing the amount | | | | expense for a small business. Include them as a tax |
| you sell. From an office chair to an office building, | | | | deduction to avoid paying more than you should. |
| every purchase you make for your business may be | | | | - Business repairs are often unpredictable and can put |
| tax deductible. By knowing what purchases qualify for | | | | an unexpected strain on your business. However, by |
| tax deductions, business owners can save thousands | | | | including them on your taxes, you can at least salvage |
| of dollars annually on expenses- money that could be | | | | some of the money. |
| better spent in expanding their businesses. | | | | - Interest and fees on business debt can be frustrating |
| The Internal Revenue Code describes deductible | | | | but necessary expenses. Why pay taxes to the |
| business expenses as "ordinary and necessary"--it | | | | government when you are already paying interest to |
| must be typical for your type of business. For | | | | the bank? |
| example, a pizzeria that purchases a larger oven to | | | | - Charitable contributions, auto expenses, depreciation |
| increase its output would be eligible for a tax deduction, | | | | on equipment, marketing, as well as many other |
| while an auto repair shop making the same purchase | | | | business expenses can also be deducted from your |
| would not! | | | | taxes. |
| Whether you handle your own taxes or hire a | | | | Don't overlook tax deductions as an important |
| professional, keeping proper business records is the | | | | business tool! With the proper knowledge and |
| key to receiving every deduction to which you are | | | | organization, business tax deductions could be a key |
| entitled. With receipts and detailed records that prove | | | | factor in taking your business to the next level. |
| your business expenses, you may be eligible for some | | | | |