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Where can i find a list of small business tax deductions?

Question: Where can i find a list of small business tax deductions?

(Posted by: Nick on 2007-07-13 00:59:44)

I own an LLC that does multiple ventures in michigan. Any information or links of all possible deductions would be wonderful. Thanks.


Answers:

Posted by: Mr Tax Preparer on 2007-07-13, 08:29:02

As bostonianinmo said, anything that is “both ordinary and necessary. ” According to IRS Pub 535 (linked below): “An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. ” Common sense should tell you whether a particular expense qualifies. If you want more info, Pub 535 (while NOT an exhaustive list) gives a lot of examples of what is and isn’t a legitimate business expense.

  

Posted by: bostonianinmo on 2007-07-13, 01:30:09

Any expense that is reasonable and necessary in the production of income is a legitimate business expense. You don’t need a list.

  

Posted by: Steve on 2007-07-13, 04:29:12

But, if you really want to see one, look up Publication 334 from the IRS website.

  

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