what are good common business write offs

Business Expensesfreelancersconsultantssmall business ownersreal estate agentscontractorsbusiness

Business write-offs, also known as deductions, are expenses that are both ordinary (common and accepted in your trade or business) and necessary (helpful and appropriate for your business). Common deductions include office supplies, business travel, and advertising costs. However, personal expenses, fines, and penalties are not deductible. For example, a business meal is deductible at 50% if it is directly related to or associated with the active conduct of your business. Home office expenses can be deducted if a portion of your home is used exclusively and regularly for business purposes. Vehicle expenses can be deducted using either the standard mileage rate or actual expenses method, but only the business-use portion is deductible.

Popular Related Pages

Related Questions