5 Tax Breaks Overlooked by Small Business Owners

Author: External Author | | Categories: Accounting Firm , Accounting Services , Bookkeeping Services , Small Business Accountant , Small Business Accounting , Small Business Bookkeeper , Small Business Bookkeeping , Small Business Services

For the small business owner, tax season can be stressful, and the prospect of shelling out a load of money to the government is not a pleasant one. That’s why small business owners love tax deductions. Here are five tax benefits that are often overlooked by small business owners that can save your business money.

The Internal Revenue Service (IRS) defines deductible expenses as costs that are "ordinary and necessary" to the business. Of course, the agency backs that ambiguous phrase up with a mountain of rules about deductible expenses.

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Original Article Source Credits: Investopedia, https://www.investopedia.com

Article Written By: Marc Prosser

Original Article Posted on: February 26, 2022

Link to Original Article: https://www.investopedia.com/articles/personal-finance/031815/5-tax-breaks-overlooked-small-business-owners.asp