Knowing which small business tax deductions you can claim is crucial. This guide will cover the top 15 deductions that can save you money and improve your business’s financial health.

For example, there are certain tax breaks and deductions that are afforded to small business owners and self-employed individuals that regular employees don’t get to take advantage of.

A marketing business owner travels across the U.S. to meet clients. In 2023, they traveled 5,000 miles in total. They can deduct $3,275 ($0.655 for 2023 standard mileage rate x 5,000 miles) from ...

As business owners, your biggest expense is usually your tax bill. That means you have to put a lot of attention and intention behind managing your taxes, but most business owners don't understand ...

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

10 Small Business Tax Deductions Worth Knowing U.S. News & World Report March 6, 2025, 7:00 PM ...

9. Deductions for Equipment If you operate a small business that uses heavy equipment — you may be able to deduct a portion or all of the purchase price of that equipment the year you buy it ...

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 ...

Personal tax deductions are available both above and below the line. Business tax deductions are allowed for ordinary and necessary business expenses. In one case, breast implants were deemed a ...

Many tax deductions, such as charitable donations and business supplies, are well known, but some are more obscure. With tax season upon us, here's a look at how tax deductions work and three… ...

7 tax breaks every online seller needs to know about From office supplies to business insurance, don't miss out on these helpful tax breaks. Updated Mon, Feb 24 2025 Jasmin Suknanan Reporter, CNBC ...

Over the years, the IRS has allowed some unusual tax deductions, but the circumstances were very specific. Basically, taxpayers must prove the items were necessary or a legitimate business expense.