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Business Expenses Youll incur a lot of capital expenses when setting up your business. These will include the costs for setting up your limited liability company fees paid to professionals like a lawyer and accountant trademark registration fees etc. Youre entitled to deduct the startup costs during the first active year of the business. However the deduction can only be up to  provided your total cost of starting the business is  or less. The deductible decreases if your cost is over  and the remainder would then be deductible over  years.

Marketing Expenses Businesses need to spend a lot of money on marketing to expand their customer base and increase brand awareness. Fortunately since this is deductible businesses can rely Belarus WhatsApp Number on the added benefit of a lower tax bill while spending considerable sums of money to promote their products and services through conventional and digital marketing. A tax credit can be claimed for marketing expenses including ad spend on online media platforms like others promotional events ads on TV radio newspapers and magazines as well as sponsorship activities.



Expenses that LLC Owners Cannot Claim as Tax Deductions Its as important to know what expenses cant be claimed as tax deductions because the IRS doesnt like it when taxpayers claim deductions theyre not entitled to. Thats one of the most common reasons why the IRS opens up an audit so such attempts are best avoided even if they were made inadvertently. Campaign Contributions Donations or contributions to political causes including lobbying or campaigning cant be claimed as a reasonable business expense and thus cant be deducted from the overall taxable income.