Common Business Deductions
Home Office
If you use part of your home exclusively for business, you may be able to deduct a portion of your rent or mortgage, utilities, and insurance.
Vehicle & Mileage
Business-related driving can be deducted using either the standard mileage rate or actual vehicle expenses. Keep a mileage log throughout the year.
Equipment & Technology
Computers, phones, software subscriptions, and other tools used for business may be fully deductible or depreciable over time.
Professional Services
Fees paid to accountants, attorneys, and consultants for business purposes are generally fully deductible.
Marketing & Advertising
Website costs, advertising, business cards, and promotional materials are deductible business expenses.
Education & Training
Courses, books, seminars, and subscriptions that improve your skills in your current business are deductible.
Meals (50%)
Business-related meals are generally 50% deductible. Keep receipts and note the business purpose.
Health Insurance Premiums
Self-employed individuals may be able to deduct 100% of health insurance premiums for themselves and their families.
Retirement Contributions
Contributions to a SEP-IRA, Solo 401(k), or SIMPLE IRA can significantly reduce taxable income.
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