Tax Deductions that Every Small Business Owner Should Know

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3/7/22, 1:14 PM

Tax Deductions that Every Small Business Owner Should Know | David C. Branch | Finance

a Tax Deductions that Every Small Business Owner Should Know by David C. Branch | Mar 7, 2022 | blog, David C. Branch, Education, Finance

Most small business owners are unaware of many of the tax deductions that are readily available to them. This may be because they are not keeping the detailed accounting records that are necessary to itemize these deductions, or they may simply be in the dark. That is why it is crucial that you read over this list of possible deductions if you are a small business owner, whether your company identifies as a sole proprietorship, partnership, LLC, or corporation. Any of the following may be deducted: Utility Costs The utilities that you use as a business are completely deductible. These can include electricity, water, internet, and phone service, and trash removal. These deductions can even extend to home offices. Inventory Inventory-based companies are those that purchase items for resale or manufacture their own wares. Entrepreneurs that employ such a business model can deduct the cost of their inventory on their end-ofhttps://davidcbranch.com/tax-deductions-that-every-small-business-owner-should-know/

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