Legal Tip of the Week: Business Expenses and Deductions

Legal Tip of the Week: Business Expenses and Deductions

Check out the next installation of our series on the most common expenses and deductions available to business owners.

1. Maintenance and repairs

Costs for maintaining and repairing business equipment, machinery, and property.

2. Depreciation

A portion of the cost of assets such as machinery, equipment, and vehicles, which can be deducted over time.

3. Taxes and licenses

Payments made for business licenses, permits, and various business taxes.

4. Interest

Interest payments on business loans, mortgages, and other forms of business financing.

5. Software and subscriptions

Expenses for business software, subscriptions to industry-specific publications, and other necessary digital tools.

6. Employee benefits

Costs for providing employee benefits such as health insurance, retirement plans, and other employee welfare programs.

7. Charitable contributions

Deductions for donations made to qualifying charitable organizations.

Contact us with any questions about business expenses deductions

Disclaimer: Expenses and deductions can vary depending on the type of business and specific circumstances. It's important to consult with a professional CPA or tax advisor to ensure that you are correctly categorizing your business expenses and claiming all eligible deductions according to the specific regulations that apply to your industry.

Give us a call at (205) 837-5791 or email us at whoffman@hlawoffices.com