Small Business Deductions
Businesses can deduct a wide variety of expenses, such advertising and rent. The general rule is that to be deductible, an expense must be both ordinary and necessary. Here’s a list of the most common business expenses.
Business owners who work from home can deduct part of their home expenses as a business deduction. This would include part of the rent, mortgage interest, property tax payments, utilities
and property insurance. Learn more about the home office deduction.
The cost of driving a car or truck for work can be deducted if the vehicle is used for business purposes, such as to meet with customers, work on an off-site project, or to make deliveries. The key to the car and truck deduction is good documentation for each business trip made using a vehicle.