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Business expenses

What are business expenses?

Business expenses are the costs associated with operating a business. These may include rent, utilities, salaries, office supplies, marketing expenses, taxes, and more.

Business expenses are important for two main reasons. First, they can be deducted from a company's revenue to reduce taxable income, which can significantly impact a company's tax liability. Second, tracking business expenses can help a company manage its resources more effectively, plan for the future, and identify opportunities to reduce costs. It's crucial for businesses to maintain accurate and detailed records of these expenses for financial reporting and tax purposes.

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