Yes, small businesses are typically allowed to claim tax deductions on their eligible business expenses. These expenses may include costs associated with running the business, such as supplies, rent, utilities, payroll, and equipment. However, there are some limitations and exceptions to what can be deducted. For example, personal expenses are not deductible and there may be restrictions on deducting expenses related to entertainment or travel.
To ensure that you are accurately deducting your small business expenses, it is recommended that you consult with a tax professional or accountant. They can provide more specific advice on what can be deducted and help you navigate any potential limitations or exceptions.
Additionally, it is important to keep detailed records of your business expenses in case of an audit or any other inquiries from tax authorities. This includes keeping receipts, invoices, and other documentation that support your expense claims. By doing so, you can avoid potential penalties and ensure that you are maximizing your tax deductions within the scope of the law.
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