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What are some common business tax deductions?
What are some common business tax deductions?

This article details a few tax deductions you can claim for your business.

Updated over a week ago

Tax deductions can help you more out of your business! Here is a list of some useful deductions you can claim.

  • Business use of your home: must be used exclusively and regularly for your trade or business and your principal place of business. It is based on the percentage of your home used to conduct business, and you can deduct mortgage interest, homeowners insurance, rent, and utilities.

  • Business use of car: business part of interest on your car loan, parking fees, tolls, and mileage (The rate for the second half of 2022 is 62.5 cents per mile)

  • CPE credits for professional license and license renewal fees

  • Business meals and entertainment: up to 50%

  • Medical and dental insurance premiums for yourself

  • Business equipment, computer equipment, and office furniture: can deduct the full purchase cost for any bought or financed after 2017

  • Legal and professional services: lawyers, bookkeepers, etc.

  • Partial cost of tax preparation related to self-employment activity can be included on Schedule C (line 17)

  • Half of SE tax you pay

  • Interest on loans used for business

  • Software purchased from January 1, 2003, to December 31, 2014, is eligible for a section 179 deduction

  • Transaction fees from payment processors

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