Where can I find a list of small business tax deductions?

Question

I own an LLC that does multiple ventures in michigan. Any information or links of all possible deductions would be wonderful. Thanks.

Answer 1

As bostonianinmo said, anything that is "both ordinary and necessary." According to IRS Pub 535 (linked below):

"An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business."

Common sense should tell you whether a particular expense qualifies. If you want more info, Pub 535 (while NOT an exhaustive list) gives a lot of examples of what is and isn't a legitimate business expense.

Answer 2

value of goods offered. comparable difficulty as inventory expenses. seek for professional information to set issues up for taxation. people who wait til they're already in company to be certain the tax project continuously finally end up with a great mess on their palms. Get your tax project below administration before you initiate, save it that way, and stay away from massive messes and issues. call around to three places to get an theory of fee and journey. A CPA could desire to easily help, in the event that they seem to be a tax expert, yet you additionally can get good help from an Enrolled Agent, in many situations at a a lot cheaper fee.

Answer 3

Any expense that is reasonable and necessary in the production of income is a legitimate business expense. You don't need a list.

Answer 4

But, if you really want to see one, look up Publication 334 from the IRS website.