Taking advantage of writing off ordinary and necessary expenses to keep, maintain, and increase cash flows is vital to the overall success of your business. Careful review of fortune 500 company’s books show that they often pay little to no taxes (in comparison to the amount of revenue generated) due to their ability to understand the complexities of the tax code and to take advantage of deductions necessary for the operations of their organizations.
Here are five common deductions for businesses:
- Fees associated with banking and maintaining cash accounts.
- Home office deductions.
- Cell phones and sell phone bills.
- Depreciation of qualifying assets.
- Fees associated with tax preparation, bookkeeping and accounting.
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