{"id":13961,"date":"2020-01-05T02:04:42","date_gmt":"2020-01-05T02:04:42","guid":{"rendered":"http:\/\/vaabc.com\/blog\/?p=13961"},"modified":"2022-09-23T03:07:38","modified_gmt":"2022-09-23T03:07:38","slug":"abc-consulting-our-services-are-likely-tax-deductible","status":"publish","type":"post","link":"https:\/\/vaabc.com\/blog\/abc-consulting-our-services-are-likely-tax-deductible\/","title":{"rendered":"ABC Consulting \u2013 our services are likely Tax Deductible"},"content":{"rendered":"\n
Every business incurs expenses \u2013 and being able to deduct expenses will reduce your business taxes. For sole proprietors, LLC and corporations, being able to deduct expenses reduces both the regular income tax and the self-employment tax. The bottom line? Keeping track of all your business expenses will go a long way to reducing your tax liabilities. <\/p>\n\n\n\n
The\nbasic definition is that an expense must be “ordinary and necessary”\nfor your trade or profession. That definition comes straight out of the tax\ncode (Internal Revenue Code section 162). “An ordinary expense,” the\nIRS says in Publication 535, Business Expenses, “is one that is common and\naccepted in your industry. A necessary expense is one that is helpful and\nappropriate for your trade or business.”<\/p>\n\n\n\n
\n\n\n\nWhen analyzing expenses, you can usually separate\nexpenses into 5 different types: <\/p>\n\n\n\n
Personal expenses<\/li>
Business expenses<\/li>
Cost of goods sold<\/li>
Capital expenses<\/li>
Deductible expenses<\/li><\/ul>\n\n\n\n
ABC Consulting\u2019s fees and the licenses, themselves, are business expenses. Like many deductions, license fees and consulting expenses are tax deductible \u2013 as long as they qualify as a business expenses. Legal and professional service fees are deductible \u2013 including those to ABC Consulting \u2013 as long as the fees paid are for work relating to your business and its operation. <\/p>\n\n\n\n<\/figure>\n\n\n\n
As ABC Consulting has always said, \u201cHire experts to\ndo the things that you don\u2019t like to do or you\u2019re not good at, as soon as\npossible. Your business was probably\nbuilt around something you\u2019re an expert in. Do That. Outsource the rest!\u201d We can help you get the licensing you need,\nkeep you in compliance and make sure your employees are trained properly. And\nall of that? Probably Tax Deductible! <\/p>\n\n\n\n
Disclaimer: ABC Consulting isn\u2019t giving tax advice,\nas we head into tax season, but we want you to be able to ask the right\nquestions of your professional accountant!<\/p>\n\n\n\n
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Every business incurs expenses \u2013 and being able to deduct expenses will reduce your business taxes. For sole proprietors, LLC and corporations, being able to deduct expenses reduces both the regular income tax and the self-employment tax. The bottom line? Keeping track of all your business expenses will go a long way to reducing your […]<\/p>\n","protected":false},"author":1,"featured_media":13962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[1],"tags":[],"yoast_head":"\n
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