Many of your business tax deductions will be obvious, and some will be mixed personal and business, especially if you are a sole proprietor. The basic rule to follow is that if you spent the money because you have your business, then it will be deductible in some form. Some expenses that are incurred in the start-up phase of the business have to be expensed over five years, like some fixed assets. And some other expenses have to be allocated between personal and business, e.g., a trip that is both for attending a conference and taking vacation. (more…)
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