Tax deduction

A Tax Deduction is an expense that can be subtracted from your LLC’s taxable income, reducing the overall tax owed. Common deductions include office expenses, travel, software, and professional fees. Deductions are one of the benefits of operating through an LLC, as many business-related costs are tax-deductible. Proper record-keeping is essential to claim deductions and avoid IRS penalties. Taking advantage of deductions can significantly lower your business’s tax burden.