Expenses that are Not Tax Deductible
I’ve mentioned many times how to know which business expenses are deductible. You can refer to this IRS guide. You can also remember these two words: ordinary and necessary. For an expense to be tax deductible, it must be an expense incurred in the ordinary course of business and necessary to achieve your business goal.
This month, I wanted to mention several expenses that many think are tax deductible but aren’t.
How to turn your sales around and win more customers
I’m no stranger to discussing numbers on the blog, but they usually involve the expenses side of a business. This month, I want to discuss the other side of the equation—the revenue side.
People start a business for many different reasons. Those reasons often involve serving an underserved population or providing products that people need. The entrepreneur’s reasons are usually bigger than just making a profit.
However, if your business continually spends more money than it takes in, it won’t be a business for long. In order to be successful in business, you have to provide a product or service that people want.