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Summer • Multi professional
Generally, the IRS allows businesses to deduct the full purchase price of business supplies, furnishing, devices & equipment, Books & subscription etc necessary for the operation of the business. However, if the expense is partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part on Schedule C of IRS Form 1040. The IRS requires documentation of any business expense you deduct, so it is important to save your receipts. In the FlyFin app, you can mark it as a deduction and we will include the applicable business portion at the time of tax filing.
Dixon is one of the best tax experts from the United States. He has an experience of 28 years in the field of corporate finance. Before FlyFin, Dixon had served as the Tax Head at KPMG, NJ.