business deductions
Expense-based tax reductions
Business deductions are expenses that can be subtracted from taxable income when calculating what a business owes in taxes.
Common examples include office supplies, equipment, employee wages, rent, and travel costs.
The logic is that money spent to generate income shouldn't itself be taxed as income.
She wrote off the new laptop as a business deduction.
- write offCancel as unrecoverable
- tax breakReduction in owed amount
- rentPayment for temporary use
- wagesPayment for work
- legal feesPayment for counsel
professional fees · accounting services · operating costs · utilities · payroll taxes · office supplies · trademarks · severance pay · patents · computer systems · health benefits · retirement contributions · depreciation · home office · mileage rate · bonuses · training programs · startup costs
- tax deductionsexemptions, write-offs, tax breaks, mortgage interest, charitable donations
- self-employedfreelancers, freelancer, freelance, solopreneur, independent contractors
business deductionstaxable income
Earnings subject to taxation
business income · capital gains · ordinary income · tax liability · gross income
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