Businesses can benefit from various deductions to lower their taxable income: - Operating Expenses: Costs required to run the business, such as utilities, office supplies, and rent. - Salaries and Wages: Payments to employees, including benefits and bonuses. - Depreciation: The reduction in value of assets over time, such as machinery and equipment. - Interest: Interest paid on business loans. - Taxes: Other taxes paid, excluding federal income tax. - Advertising and Marketing: Costs associated with promoting the business.