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

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