What tax deductions can SMEs claim?
An example of an AI chatbot conversation about tax deductions available for SMEs.
What tax deductions can SMEs claim?
SMEs can claim various tax deductions, including expenses for business operations, employee salaries, and equipment purchases.
Are there specific deductions for home-based businesses?
Yes, home-based businesses can deduct a portion of their home expenses, such as utilities and internet, based on the space used for business.
How do I keep track of these deductions?
You can keep track of deductions by maintaining organized records of all business-related expenses and using accounting software.
What about travel expenses for business?
Travel expenses for business, including transportation, lodging, and meals, can also be deducted, provided they are properly documented.
Are there any limits on these deductions?
Yes, some deductions have limits, such as meal expenses, which are typically only 50% deductible. It's best to consult a tax professional.
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