If you sell any products that are manufactured locally or have bought products in bulk that are unsold, these goods can be claimed for a tax deduction. These come under Cost of Goods Sold, which include labor, raw materials, or costs to purchase merchandise to resell. 2. Business Licenses ...
You’ll need those records for tax purposes. Many of your expenses are what’s known as a write-off or a business deduction. This means that deductible expenses are subtracted from your business’s overall revenue. That lowers your taxable income which, in turn, can reduce the amount ...