Every business incurs expenses. Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. For incorporated businesses, being able to deduct expenses will reduce their business taxes. For sole proprietors, being able to deduct expenses has an even bigger impact. Business expenses will reduce both the regular income tax and the self-employment tax. The bottom line? Keeping track of all your business expenses will go a long way to reducing your tax liabilities.
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