11 Tax Deductible Expenses for Small Businesses
Summary
Small businesses can reduce taxable income by claiming various tax-deductible expenses. Key deductions include rent for business premises, utilities like electricity and water, and repair costs necessary to maintain operational facilities. Office supplies such as pens, paper, and ink cartridges are deductible, as is office equipment like computers and copiers; however, equipment expenses may need to be depreciated over time. Taxes directly related to the business, including employer and real estate taxes, licenses, and regulatory fees, are also deductible. Insurance premiums for liability and workers' compensation can also be claimed as deductions.
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