What Are Some Tax Deductions Available to Entrepreneurs?
Entrepreneurs can benefit from several tax deductions that can reduce their taxable income. Here are some common deductions:
Home Office Deduction: If you use part of your home for business, you may qualify for a home office deduction. Business Expenses: Deduct ordinary and necessary expenses incurred in running your business, such as office supplies, utilities, and rent. Travel Expenses: Deduct expenses related to business travel, including transportation, lodging, and meals. Health Insurance Premiums: Self-employed individuals can deduct premiums paid for health insurance. Depreciation: Deduct the cost of assets like equipment, vehicles, and property over their useful life.