As a business owner, you can typically deduct the following legitimate business expenses:
- Advertising and marketing costs
- Employee salaries and benefits
- Rent for business property
- Utilities for business property
- Insurance for your business
- Office supplies and equipment
- Travel expenses for business purposes
- Legal and professional fees
- Depreciation of business property and equipment
- Interest on business loans
It’s important to keep accurate records and receipts for all business expenses to support these deductions. The specific deductibles may vary based on the type of business, the country and tax laws, so it is recommended to consult a tax professional for more information and guidance.
