EP11: Top Tax Deductions All Business Owners Should Know

<p>Are you getting ready for tax season?<br /> <br /> 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.<br /> <br /> KEY TAKEAWAYS:<br /> <br /> ✔️ Every industry has specific activities critical to operations, and it takes careful assessment to identify which items are considered typical for each company.<br /> <br /> ✔️ 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.<br /> <br /> ✔️ Advertising costs are deductible, including Facebook ads, Google Adwords, virtual assistants labor costs, and other marketing expenses.<br /> <br /> ✔️ Office supplies and fees that you need to operate your business can be grouped under this category and deducted.<br /> <br /> ✔️ Professional development and education that adds value to you and your team qualify as tax-deductible.<br /> <br /> Did you ever imagine spending this much time on your financials?<br /> <br /> 📚 👓 To get a checklist of top tax deductions specific to your industry, get in touch with Empire Tax Professionals!<br /> <br /> Contact us today: <a href= "https://empiretaxusa.com/">https://empiretaxusa.com/</a> and book a FREE strategy session with an Enrolled Agent on our team!</p>