Entrepreneurs and small businesses owners should know that the tax code allows you to deduct costs of doing business from your gross income. Therefore, the value that is left after that is what is called your net business profit. This is the amount that gets taxed. Thus, knowing how to maximize the deductible business expenses will definitely lower your taxable profit, which is a good thing for your business.
Made in USA Tax Deductions
A sometimes overlooked tax break is one that took effect in 2005 and is designed to reward companies that follow the "Made in the U.S.A" motto. Eligible U.S.-based businesses can claim a deduction for manufacturing products domestically rather than sending the work overseas.