Can some one tell me in simple terms what a small business tax write off is I think I know but it sounds to good to be true.
2007-07-11 22:44:58 · 3 answers · asked by Brian H 2 in Business & Finance ➔ Taxes ➔ United States
A business write-off are your expenses that are necessary and reasonable to produce income. They include wages, supplies, advertising, rent/mortgage, utilities, licenses, fees, depreciation,legal/professional fees, repairs, and others. If you are thinking of starting a small business, please contact a tax professional for the brochures on business expenses and other related information. You may need to hire a professional accountant to help with your books.
2007-07-12 04:30:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can deduct expenses necessary for the production of the income from your business revenue before figuring your tax.
From your question, sounds like you are thinking it's something else since you say it sounds to good to be true - please elaborate.
2007-07-12 11:04:35 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Any expense that is reasonable and necessary for the production of income.
2007-07-12 06:38:50 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋