What are some common tax deductions for businesses?
An example of an AI chatbot conversation about tax deductions available for businesses.
What are some common tax deductions for businesses?
Common tax deductions for businesses include expenses for office supplies, travel, meals, and employee wages.
Can I deduct home office expenses?
Yes, if you use part of your home exclusively for business, you can deduct related expenses.
What about vehicle expenses?
You can deduct vehicle expenses if the vehicle is used for business purposes, either by actual expenses or the standard mileage rate.
Are there any deductions for startup costs?
Yes, you can deduct up to $5,000 in startup costs in your first year of business, subject to certain limitations.
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