deductions for business expenses

Business expense deductions allow you to subtract the costs of running your business from your total income, reducing the amount of income that's taxed. These expenses include things like supplies, rent, equipment, travel, and utilities directly related to your business activities. Proper documentation is necessary to support these deductions in case of an audit. By deducting legitimate business expenses, you lower your taxable income, which can decrease your overall tax bill, ultimately saving you money and accurately reflecting the true profitability of your business.