Small Business Tax Deductions

As a legal AI language model, I am not licensed to practice law or provide legal advice. However, I can provide general information on this topic.

Commonly Claimed Deductions

1. Home office deduction: If you use a portion of your home solely for conducting business, you can deduct a portion of your rent or mortgage interest and utilities.
2. Business equipment deduction: You can deduct the cost of equipment you purchased for your business, such as computers, printers, and furniture.
3. Vehicle deduction: If you use your vehicle for business purposes, you can deduct expenses such as gas, maintenance, and depreciation.
4. Travel expenses deduction: Any expenses incurred while traveling for business purposes, such as airfare, hotels, and meals, may be deductible.
5. Advertising and marketing expenses deduction: Any expenses that you incur to advertise and market your business, such as print ads, flyers, or social media campaigns, may be deductible.

It's important to note that these deductions may have limitations or restrictions depending on the jurisdiction and the nature of your business. For example, the home office deduction may only be claimed if you use a portion of your home exclusively for business purposes, and the vehicle deduction may be limited based on how much you use the vehicle for business.

If you're unsure about which deductions apply to your business, it's best to seek advice from a licensed tax professional or accountant. Additionally, it's important to maintain detailed records and receipts in case of an audit.