Disclaimer: This blog post was created to provide information on possible deductions. Always consult your tax professional when filing.
It’s tax season – and you know what that means… time to organize all those receipts and make sure you’re maximizing your deductions. As a real estate business owner, you have the opportunity to claim dozens of items as business expenses.
Rule of thumb: to qualify as a deduction, your expense must meet these three criteria:
- It must be ordinary and necessary
- It must be directly related to your business
- It must be reasonable in amount
click here for IRS information