With the new tax law limiting deductions for business meals and entertainment, many companies are cutting back on beloved perks such as. If you have a home office, a drive from your home to a supplier and back home again is a 100 percent deductible business expense. Insurance – Generally, you can deduct the ordinary and necessary cost of insurance as a business expense, if it is for your trade, business, or profession.Īs a small business owner, you can deduct automobile expenses for visits to clients, customers or travel to business meetings away from your regular workplace. Taxes – You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. Small business tax deductions for office expenses include almost any of the physical costs of running an office, like mortgage or lease costs,ġ0 Tax-Savings Hacks That small business owners Often Miss – Being a small business owner is expensive as it is - every penny counts when entrepreneurs are living on razor-thin margins and fighting for market share. ![]() Learn how to calculate this massive write-off. ![]() The home office deduction is a valuable tax deduction for small businesses and freelancers.
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