It’s AJOY Blog
EST. 2009
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Beware of These 6 Hidden Business Expenses That Impact Profit
Some expenses are to be expected when you’re running a business: the rent for your office space, your employee’s salaries, the cost of equipment, and so on. But over time, less noticeable, smaller expenses can also add up, quietly sabotaging the financial well-being of your company if you’re not careful.
Should I Hire a Tax Specialist?
Small business owners are notorious bootstrappers, driven to succeed by their own volition and generally super vigilant when it comes to their expenses. If they can do something themselves to save money, they probably will. While at times this can be advantageous, in many instances it’s actually counterproductive. Sometimes, it’s better to part with some funds so you can save time and ensure the task is done efficiently and correctly.
Are Legal Fees Deductible?
So many questions pop up all the time for small business owners, especially when it comes to taxes and determining what is and isn’t deductible. Naturally, we want to deduct as many legitimate business expenses as possible to lower our taxable income and lessen our tax burden. Sometimes, however, it can be hard to figure out which expenses are deductible in our specific industry.
Information presented here should not be construed as legal, tax, or accounting advice. No one should act on such information without retaining appropriate professional advice based on a thorough examination of the particular situation.