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Understanding Business Write-Offs: What Can You Deduct?
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Plan your expenses and deductions strategically each year
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Maintain accurate and organized financial records for easy reporting
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Talk to a tax professional for expert guidance
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Use accounting and tax software to make management easier
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Introduction
Every business owner wants to reduce tax liability, and one of the best ways to do that is through tax write-offs. But what exactly qualifies as a business expense? In this guide, we’ll break down common deductible expenses and how to track them.
Common Business Write-Offs
- Office Expenses & Supplies
- Computers, printers, and software
- Office furniture and maintenance
- Business Travel & Meals
- Airfare, lodging, and car rentals for business purposes
- 50% of meals related to business activities
- Employee Wages & Benefits
- Salaries, bonuses, and health insurance contributions
How to Track Your Expenses for Tax Filing
- Keep digital and physical receipts
- Use accounting software to categorize expenses
- Work with an accountant to ensure compliance
Conclusion
Properly tracking and maximizing deductions can significantly lower your tax bill. Contact Peak Accounting to optimize your tax strategy.
