- Business expenses: These are expenses directly related to running your business, such as office rent, utilities, supplies, and salaries for employees.
- Depreciation: This is a deduction for the wear and tear on business assets, such as buildings, equipment, and vehicles.
- Advertising and promotion: Expenses related to promoting and advertising your business, including costs associated with social media campaigns, print and digital ads, and other forms of marketing.
- Insurance: Premiums paid for business insurance policies, such as liability insurance, property insurance, and workers’ compensation insurance, are usually tax-deductible.
- Travel expenses: If you travel for business purposes, you may be able to deduct expenses such as airfare, lodging, meals, and transportation.
- Charitable contributions: If your business makes charitable contributions to qualified organizations, you may be able to deduct those donations from your taxable income.
It’s important to note that tax laws and regulations change frequently, so it’s always a good idea to consult with a tax professional or accountant to ensure you are properly deducting expenses on your tax return.
