Overview

Operating your own business certainly comes with perks. Whether you own a retail shop, peddle your crafts online, or take on gigs and projects as a freelancer, being a small business owner gives you the freedom to be your own boss, make your own business decisions, and make a living doing what you love and what you're good at. The IRS says all ordinary and necessary expenses you incur in operating your business are tax deductions. Interestingly enough, the IRS has never actually defined ordinary or necessary. So sometimes only the actual business owner can know if the expense is ordinary and necessary. Proper record-keeping and having the right tax-saving mindset can help you maximize the value of your tax deductions, tax credits, and tax deferral strategies, dramatically increasing your savings.

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