Deducting your business expenses for tax purposes can save your company significant cash. But are you sure you are deducting the right expenses? In this video, Andrew Kabatchnick, CPA explains what business expenses qualify as deductible.
Some business expenses that you can deduct include:
- Utilities and rent expenses.
- A portion of your personal home expenses if you work from home.
- Travel expenses between clients (not in between home and work).
- Cost of new office equipment.
- Any attorney or CPA fees.
It is also important that you keep any payment records, bank statements, or canceled checks to prove that you actually made these payments. You should have up to 7 years worth of these records which will make it very easy to prove your expenses if you are ever audited by the IRS.
Questions? Feel free to reach out to Andrew by email at akabatchnick@gmail.com or by phone at 973.879.9111. You can also visit his website andrew-cpa.com.