Take a minute to refresh yourself on how much is deductible as a business-related expense.

The basics: an expense is business-related if you spend the money to help your business earn income. Business-related expenses are generally fully deductible.

If the expense does not help your business earn gross income, it is a private expense, not claimable as a deduction. Purely promotional events put your brand out there and are a marketing expense for the business. But entertainment events such as Christmas parties inhabit a grey area sometimes and may be limited to a 50% deduction.

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Watch the video to get more tips about tax deductible in your business.