Required Minimum Distributions
If you are 72 years old and you have retirement accounts, you may need to take required minimum distributions from those retirement accounts.
1 min read
Aguiar Cabrera Maceo & Co., LLP : Mar 24, 2023 3:32:16 PM
What Business expenses can I deduct?
This is one of the most asked questions during tax season. Below is a quick summary to help business owners understand what expenses can be deducted.
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.
Even though an expense may be ordinary and necessary, you may not be allowed to deduct the expense in the year you paid or incurred it. In some cases, you may not be allowed to deduct the expense at all. Therefore, it is important to distinguish usual business expenses from expenses that include the following.
The expenses used to figure cost of goods sold.
Capital expenses.
Personal expenses.
See below is a list of common expenses that qualify for deduction
If you need further guidance about this contact us!
Also, more information can be found on the IRS website Publication 535 (2022), Business Expenses | Internal Revenue Service (irs.gov)
If you are 72 years old and you have retirement accounts, you may need to take required minimum distributions from those retirement accounts.
As we approach year end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and...
As we approach year end, now is the time for individuals, business owners, and family offices to review their 2022 and 2023 tax situations and...