As part of my dream of providing assistance and clarification to make bookkeeping simple and stress-free to all small business owners, I've curated a few documents and articles with useful and timely information for you to download for free.
So, I did what I do best and I opened a spreadsheet. Within an hour, we walked through her cost of goods, reviewed her sales, compared competitor pricing, and looked for ways to improve margins without scaring off customers.
The IRS rule is simple (but the details aren’t): a deductible business expense must be ordinary and necessary for your trade or business.
Let’s break it down with Wisconsin-friendly examples
