Starting and running a small business is expensive. There are many different costs that go into operating a business, but many can be tax write-offs. For an expense to be deductible, the cost must be both “ordinary and necessary,” according to the Internal Revenue Service (IRS). An ordinary expense is defined by the IRS as “one that is common and accepted in your industry,” and a necessary expense “is one that is helpful and appropriate for your trade or business.” SURGE IN US SMALL BUSINESSES STARTED AS SIDE HUSTLESWhen it comes to filing taxes as a business owner, it is extremely helpful to work with a tax professional who can help you navigate tax deductions. Below is more information about tax write-offs and common examples of business expenses that could be deductible. “A deduction is an amount you subtract from your income when you file so you don’t have to pay tax on it,” according to the IRS. Expenses can be deducted that are for your business, not ones that are for personal benefit, according to Investopedia. You can further look into what tax deductions you may be eligible for by using the IRS Tax Guide for Small Business. ONE-THIRD OF SMALL BUSINESS OWNERS WORRIED THEIR COMPANY WON’T