What Deductions and Credits are Available for Entrepreneurs?
Various tax deductions and credits are available to entrepreneurs, including:
Startup Costs: Expenses incurred before the business starts operating can often be deducted. Home Office Deduction: If you use part of your home exclusively for business, you may qualify for this deduction. R&D Tax Credit: Costs related to research and development can be offset with this credit. Employee Benefits: Contributions to employee health plans and retirement funds can be deducted.