What types of business expenses are tax-deductible?

In Massachusetts, small business owners may take advantage of tax deductions for certain business expenses. Generally, expenses are tax-deductible if they are necessary and ordinary expenses associated with running a business. Common tax-deductible expenses include employee wages and salaries, office supplies, advertising and marketing costs, professional fees, costs associated with renting business property, and costs associated with purchasing inventory. When determining whether an expense is tax-deductible or not, small business owners should consider if the expense is necessary for the continued operation of their business, or if it is a personal expense. Additionally, small business owners should consider if they are deducting the expense from their federal income taxes, or from the state taxes in Massachusetts. Certain expenditures may be deducted from federal taxes, but not from state taxes. It is important for small business owners to keep accurate records of their business spending throughout the year in order to take advantage of all available tax deductions. Additionally, they should consult with a qualified tax professional who is familiar with Massachusetts tax laws in order to ensure they are taking advantage of all tax-deductible expenses.

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What types of business expenses are tax-deductible?

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