Tax deductions for small business owners and entrepreneurs include childcare, business meals, bank fees, and more. Creator Hub Tech Science Life Social Good Entertainment Deals Shopping Games.

Common Tax Deductions. Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction. If you’re self-employed, you will end up paying more Social Security ...

Learn how tax deductions work – and which ones you might be able to take for tax year 2024. Jessica Walrack Feb. 25, 2025 Updated on April 10, 2025 : This story was published at an earlier date ...

4. Continuing Education. Never underestimate the power of knowledge—especially regarding tax deductions! Business owners commonly miss deducting expenses related to courses, workshops and ...

Here are 10 small business tax deductions you don’t want to miss. 1. Vehicle Expenses . If you use your car for business purposes, you can deduct car-related expenses such as depreciation, ...

Karla Dennis, EA, MST, is CFO/CEO of the award-winning tax accounting firm KDA Inc.—specializing in tax planning. As business owners, your biggest expense is usually your tax bill. That means ...

As for business tax deductions, the IRS requires that business expenses are “ordinary and necessary” in your industry. They don’t have to be indispensable but must be helpful and appropriate ...

Top tax writers in Congress announced a deal Tuesday morning to beef up the child tax credit (CTC) and reinstate business deductions that were taken away to pay for the reduction of the corporate ...

Child tax credit. The child tax credit is a tax break for families with children below the age of 17. For 2024, the credit is worth up to $2,000 per child, with $1,700 being potentially refundable.

NEXT explains that if you’re an independent contractor, it’s your job to pay taxes on your own—and you’ll want as many 1099 tax deductions as you can take.

To help offset the self-employment taxes, there are quite a few deductions you can take to lower your business income. See if you qualify for them.

Here are a few lesser-known small business tax deductions that can help lower your self-employment taxes: 12. Qualified Business Income (QBI) ...