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Orcutt Deducting Business Expenses

Deducting Business Expenses: Best and Worst Practices

By Business Advice, Tax Advice

What’s the goal of every business? To make a profit, of course! A business can generate more profit by increasing revenue, managing or reducing expenses, and optimizing tax deductions. These are our recommended best and worst practices for monitoring and deducting business expenses:  Understanding Business Expenses  Expenses are the costs that a company incurs in the process of generating revenue. Importantly, businesses can take properly recorded tax deductions on their income tax returns, provided that the deductions meet IRS guidelines. Deductions fall in three…

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