| >Every single cost is. No. Taxes are expenses, taxes are not tax deductible. The most common fines and penalties (late fees on federal and state tax returns, are not tax deductible (nor are parking tickets or safety violations). Insurance is an expense, some insurances premiums are and some are not tax deductible. Capital Expenses and Equipment, depends, but usually not deductible as a expense but as depreciation over time. Commuting Costs, generally non-allowable deductions. Home Office, its tricky and full of bullshit. Same with personal expenses (car/phone) Political Contributions, tricky and full of bullshit, generally not tax deductible. Corporate gifts? your deduction is capped at $25. The Tax Code doesn't have bright-line rules like "every cost" is tax deductible. |