Many small business expenses qualify as tax deductions. The ability of your business to claim these tax deductions changes over time. Most recently, some of the 2017 tax law changes apply to business tax deductions. These changes are discussed in the list below.
Certain rules apply to many of these deductions. Learn what you can and can’t do before you begin subtracting from your tax obligation.
Almost all small business deductions have limits or restrictions. For example, deductions for meals are often limited to 50 percent of each expense.
Original Article Source Credits: the balance small business, https://www.thebalancesmb.com
Article Written By: Jean Murray
Original Article Posted on: November 20, 2019
Link to Original Article: https://www.thebalancesmb.com/small-business-tax-deductions-397640
