Small business tax write-offs are provisions in the tax code that allow businesses to deduct certain expenses from their taxable income. This is usually done at the end of the year, when a business’s tax liability is calculated. The goal is to reduce the amount of taxes that a business has to pay, allowing it to reinvest more money back into the business and stay competitive. Common types of small business tax write-offs include payroll taxes, employee health benefits, travel expenses, advertising costs, and start-up costs. By taking advantage of these deductions, businesses can save time and money while ensuring they comply with all applicable regulations.
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