Your Guide to Deductible Expenses
For business owners, understanding which expenses are deductible is critical for maximizing profits and minimizing tax liability. The either/or dilemma is often between taking a risk on a questionable deduction vs. adhering to the clear legal test. A Sound business follows the test.
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate. Getting this simple two-part test right from the start is a Sound practice that saves you money and ensures compliance.
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DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.