2006-11-11 08:39:15 · 2 answers · asked by allenshaunna 2 in Business & Finance ➔ Small Business
if you buy items for a business, you can claim they are a "business expense" and deduct them from your gross income when you pay your taxes. so, you only pay taxes on a smaller amount of income. for personal expenses, you can write off the interest on your mortgage, and a bunch of other thigns that I don't know about since i am not an accountant... but even things like moving expenses can apparently be written off your annual gross income... so then you only pay taxes on a small portion of this.
2006-11-11 08:42:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If the item you buy, or lease, is used in the business, you can deduct the total cost as a "business expense" on your income tax, thereby lowering your tax liability.
2006-11-12 04:32:41 · answer #2 · answered by PALADIN 4 · 0⤊ 0⤋