Wages and salaries are valid business deductions that can help you save on your taxes. 💰

They refer to the income paid to employees, including gross wages or salaries, other compensations, commissions, and employer portion of payroll taxes such as Social Security, Medicare, and federal and state unemployment. Knowing how to deduct these costs can help your business maximize savings.

🔑 Gross wages and salaries are a valid business deduction and are fully deductible.
💰 Employer portions of Social Security, Medicare, and unemployment are all included in payroll taxes
💼 Make sure you have a separate account to track payroll taxes - they're fully deductible