Entrepreneurs are expected to file more than 24 million returns for the 2010 tax year. And one of the payoffs of owning a company is being able to write off numerous business expenses through deductions. Here are 10 you may not know about.
It is estimated that entrepreneurs will file over 24 million tax returns in 2011. One of the beauties of owning a business come tax time is the ability to write off numerous business expenses through deductions.
For those who started a business last year, there's an additional bit of good news. Filers are entitled to a new, higher deduction for startup costs incurred in 2010.
There are also certain types of expenses that small-business owners cannot deduct, including personal expenses, capital expenses (such as business assets and improvements), or the expenses used to figure the cost of goods sold. (Here’s the Internal Revenue Service’s explanation of the latter.)
To read the full, original article click on this link: Ten Tax Deductions For Entrepreneurs - Resources - Portfolio.com
Author:
