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Posts Tagged ‘business tax deductions’

Deducting Business Expenses

A business can deduct a variety of ordinary and necessary expenses to bring down its tax liability. An ordinary expense is a common expense in your type of business. For example, expenses on files and papers are ordinary expenses in a publishing business. A necessary expense is one that is helpful and appropriate based on the work being completed. Generally, you can deduct the full amount ...

Costs Businesses Can Deduct to Lower Taxes

Businesses tend to have more tax responsibilities than individual taxpayers. They are required to withhold taxes from the paychecks of their employees, and also pay Social Security and Medicare tax. However, there are certain costs that businesses can deduct to lower their tax liabilities. About Money shares the different kinds of taxes businesses must pay and how they can benefit from deductions: “How and Where to Deduct Business Taxes