Business expenses are the costs incurred in the course of business. It can be small entities or large corporations. It is part of the income statement, subtracted from revenue to arrive at a company’s taxable net income.
Money goes out of the pocket first before it goes back hundred times. As a business owner, these are the things you have to consider:
- Advertising
- Employee Benefit Programs
- Maintenance and Repairs
- Legal and professional expenses
- Rent and utilities
- Shipping
- Salaries and other compensation
- Licenses and permits
This may look overwhelming at first. But when finances are managed well, you will realize how much you are profitting from all your hard work.
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