What are some common tax deductions for business owners?

What are some common tax deductions for business owners?

Common tax deductions for business owners include expenses for home office, business travel, and equipment purchases.

Can I deduct my vehicle expenses?

Yes, you can deduct vehicle expenses if the vehicle is used for business purposes. You can choose between the standard mileage rate or actual expenses.

What about meals and entertainment expenses?

You can deduct 50% of meal expenses directly related to business activities, but entertainment expenses are generally not deductible.

Are there any deductions for health insurance?

Yes, self-employed individuals can deduct 100% of their health insurance premiums from their taxable income.

How do I keep track of these deductions?

It's best to keep detailed records of all expenses, including receipts and invoices, and consider using accounting software.