What are Business Tax Deductions?

Have you ever asked yourself if something was tax deductible? Chances are, it probably is. According to the Internal Revenue Service (IRS), business expenses are ordinary and necessary costs incurred to operate your business. Examples include inventory, payroll, and rent. Fixed expenses are regular and don't change much — things like rent and insurance.

10 common small business tax deductions:

1. Rent/Mortgage

2. Telephone and Internet

3. Utilities

4. Business and Health Insurance

5. Payroll and Benefits

6. Office Equipment and Supplies

7. Marketing Expenses

8. Business Travel

9. Education

10. Legal and Professional fees

11. Depreciation

12. Home Office 

13. Loan Interest Payments

14. Employee Gifts/Meals

15. Maintenance and Repairs