Haven’t completed your 2015 taxes yet? You’re cutting it close. Don’t short-change yourself on business expenses, though.
If you’ve been in business for several years, you have a pretty good idea of what expenses can be claimed on your income taxes. But even if you think you know or you’re filing a business return for the first time, you may be missing out on some legitimate deductions.
The IRS says that business expenses must be both ordinary (commonly used in your business) and necessary (“helpful and appropriate”). Some of the allowable business expenses are obvious, like office rent, advertising, and travel. But there are others that you may not know about. And even the obvious ones come with rules and exceptions. [MORE] . . .