What can I expense?

Businesses can expense business-related costs, which can help reduce your taxable income. Here are common types of expenses that you may be able to deduct:

Operating Expenses:

• Costs directly related to the day-to-day operations of the business, such as supplies, equipment, rent, utilities, and phone bills.

Employee Salaries and Benefits:

• Wages, salaries, bonuses, and benefits paid to employees, including health insurance and retirement plan contributions.

Professional Services:

• Fees paid to professionals, such as accountants, lawyers, consultants, and other professional advisors or coaches hired to assist with the business.

Advertising and Marketing:

• Costs associated with promoting the business, including advertising, marketing materials, website development, and promotional services.

Travel and Lodging:

• Business-related travel expenses, including transportation, lodging, meals, and other associated costs.

Legal fees, depreciation, insurance premiums, interest expenses, taxes, research and development and charitable contributions may also be deductible.

It's important to note that the deductibility of expenses can depend on factors such as the nature of the expense, how closely it is related to the business, and applicable tax laws. Remember, maintaining accurate records and documentation for all expenses is crucial to support any deduction claims during tax filing.