What deductions can I claim for my business?

In Washington, there are various business deductions available to taxpayers. Depending on your business structure, you may be eligible for certain deductions. Generally, deductions are allowed for expenses necessary to conduct and operate your business, such as advertising, wages, rent, and insurance. If you are self-employed, you may be eligible to deduct the costs of supplies, printing, business travel, and other office overhead. You can also deduct the cost of any software or equipment used exclusively for your business. You can also deduct up to two-thirds of your health insurance and half of your self-employment tax. If you are filing taxes as a General Partnership, you may be eligible to deduct contributions made to employee benefit plans and expenses associated with owning and running your business, such as power and water. If you are filing taxes as a Limited Liability Company, deductions may include contributions to retirement plans, state taxes, and operational costs. Keep in mind that these deductions are subject to the specific laws in Washington, so you should consult with a tax professional to get an accurate idea of the deductions available to you.

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