The purchase of goods is an essential part of many companies. But did you know that you can deduct these costs from your taxes? Here, we provide an explanation of how the purchase of goods can be considered a business expense and how to process this in your accounts.
What does the purchase of goods entail?
The purchase of goods includes all materials and products you need to carry out your business activities. This can range from raw materials for production to trade goods that you resell to customers. It is important that these purchases are directly related to your business activities.
Purchase of goods as a deductible business expense
The costs of purchasing goods can be considered business expenses, which means you can deduct them from your taxes.
How can you process the purchase of trade goods in your accounts?
Keep all receipts and invoices from the goods you purchase. This is essential to demonstrate that these expenses are business-related. Ensure that your accounts are up to date and that you keep accurate records of all costs. This not only helps with tax returns but also gives you a clear summary of your business expenses. Use the cost category ‘Merchandise – purchase of goods’ within Dexxter to easily manage your costs when making purchases of goods.
