It’s simple: The more tax deductions your business can legitimately take, the lower its taxable profit will be. Also, in addition to putting more money into your pocket at the end of the year, the tax code provisions that govern deductions can also yield a personal benefit: a nice car to drive at a small cost or a combination business trip and vacation. It all depends on paying careful attention to IRS rules on just what is — and isn’t — deductible.

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