Understanding Business Expenses

Business expenses are costs incurred in the ordinary course of business. They can be deducted from your income, reducing your overall tax burden. Common business expenses include rent, utilities, and salaries.

Deductible vs. Non-Deductible Expenses

It's important to distinguish between deductible and non-deductible expenses. Deductible expenses can lower your taxable income, while non-deductible expenses cannot.