Now, how much you get to deduct will depend on your business's tax rate and your specific calculations.
There are online resources that might be informative, but I would seriously recommend working with a financial advisor or qualified accounting professional.
Please remember that it is impossible to give comprehensive tax advice over the internet, no matter how well researched or thoughtfully written. Before relying on any information given, you should always consult a qualified tax professional to discuss your specific situation.
Roni Deutch is known as "The Tax Lady" for a reason: She has two decades of practical experience resolving IRS tax problems and preparing taxes for taxpayers nationwide. Consequently, she has become a well-known media personality and one of the few go-to tax experts in the country. She is the founder and owner of the nation's largest tax resolution law firm, Roni Deutch, A Professional Tax Corp.