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Tax Business Expenses

oboloo Glossary

Tax Business Expenses

Tax Business Expenses are all types of costs that a business can claim as a deduction when filing taxes. This includes expenses such as employee wages, training, travel expenses, advertising, and office supplies. By deducting these expenses from the business’s income, businesses can reduce their overall tax burden. Business owners need to ensure that only legitimate and necessary expenses are claimed in order to be able to maximize their tax deductions. Additionally, they should keep detailed records of all expense-related transactions to support their claims during an IRS audit.

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