7 Business Tax Deductions to Take with Caution
As a business owner, you may take all legitimate business expenses as tax deductions, to reduce your business tax. But some business tax deductions are easier to figure out than others.
For example, taking a deduction for the cost of supplies is pretty straightforward, and deducting, and interest on business purchases is pretty easy to calculate.
Some Tricky Business Tax Expenses to Deduct
But for other business expenses, it’s not easy to figure out what’s deductible and what’s not. Hence, this list of 7 business expenses that you should be cautious about taking. This is not to say that they are not legitimate business expenses, but these expenses are on this list because the deduction might be limited, or an audit trigger, or just complicated to calculate.