COMMON TAX DEDUCTIONS FOR SMALL BUSINESSES

Small businesses can take advantage of several common tax deductions to reduce their tax liabilities. These include deductions for ordinary and necessary business expenses, such as office supplies, advertising, and travel costs. Small business owners can also claim deductions for vehicle expenses, both for business use and for depreciation. Health insurance premiums for themselves and their employees are typically deductible. Contributions to employee retirement plans, like a 401(k), can also be written off. Startup costs, up to a certain limit, are deductible. Furthermore, the interest paid on business loans can often be deducted. To ensure accuracy and maximize deductions, it's advisable to work with a tax professional or use tax software designed for small businesses.