Startup Deductions

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January 9, 2014

Start Your Business with a Nevada LLC

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Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. 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. Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can only deduct the business portion.

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For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.

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