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Business Deductions
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Summary
Business Deductions
are expenses that are necessary and ordinary for running a business, which can be subtracted from a company's income to lower its
Taxable Income
. Understanding what qualifies as a
Deductible expense
is crucial for businesses to minimize their
Tax Liability
and maximize their
Financial Efficiency
.
Concepts
Taxable Income
Ordinary And Necessary Expenses
Cost Of Goods Sold (COGS)
Depreciation
Amortization
Business Use Of Home
Travel Expenses
Meal And Entertainment Expenses
Interest Expense
Insurance Premiums
Legal And Professional Fees
Advertising And Promotion
Employee Benefits And Salaries
Rent And Lease Payments
Utilities
Repairs And Maintenance
Startup Costs
Bad Debts
Charitable Contributions
Section 179 Deduction
Interest Deduction Limitations
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