Take Advantage of Small-Business Deductions

Small business owners can reduce their #tax liability legally by deducting a range of business-related expenses. Remember to deduct vehicle-related costs, travel expenses and purchases of equipment and supplies. “Generally, you can deduct any business expense that is both ordinary (common and accepted in your industry) and necessary (helpful and appropriate for your business),” TurboTax says. Depending on your situation, bad-debt deductions and employee expenses including salaries, bonuses, payroll taxes and benefits may be eligible for a #deduction, as is a home #office. #LastMinuteTaxDeductions