What Business Expenses Can I Deduct?

By definition, business expenses are the cost of carrying on a trade or business. They are usually deductible if your business operates to make a profit. According to the IRS, in order to be a deductible business expense, it must be both “ordinary and necessary.” An ordinary expense is one that is common and accepted […]

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How to Make the Tax Code Work for You

When you take the time to learn more about how it works, you may be able to put the tax code to work for you. A good place to start is with two important tax concepts: credits and deductions.² Credits As tax credits are usually subtracted dollar for dollar from the actual tax liability, they […]

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