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10 Biggest Tax Deductions for Small Business Owners
Video Transcript
Are you having trouble saving money as a business owner today we're going to uncover 10 significant tax deductions that can help you keep more of your hard-earned money in your pocket understanding these deductions is key to maximizing your tax savings let's get into it number one home office deduction if you work from home you may be eligible for the home office deduction this allows you to deduct a portion of your home expenses including utilities internet rent and mortgage number two business use of your vehicle track your mileage for business related travel you can deduct vehicle expenses whether you choose the standard mileage or the actual expenses you just can't do both health insurance premiums as self-employed individuals you can deduct your health insurance premiums not only is this great to making sure you have coverage but it does reduce your overall taxable income retirement contributions contributing to retirement accounts such as SEP IRA or solo 401ks not only help secure your future but are also able to get tax deductions now business meals you can deduct 50% of qualifying business meal expenses just keep detailed records and spreadsheets of who you met with and the purpose of your meal Education and Training investing in education to improve your skills in any business is really important but you can also reduce your taxable liability with this deduction this includes workshops seminar AR and courses marketing and advertising all costs related to marketing your business and you can be included in the deduction this includes promotional materials radio and advertising online office supplies can also be deducted and can add up quickly so keep track of all of your Amazon orders and make sure that those are are included depreciation is a very important expense and can significantly reduce your taxable income by depreciating your business at assets lastly Professional Services fees paid to accountants Consultants legal advisers tax attorneys they're all deductible making it easier for you to manage your business finance maximizing these deductions can lead to significant tax savings and more money in your pocket if you have specific questions about the deductions feel free to leave them in the comments and we'll get back to you
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This content was written and reviewed by the licensed tax attorneys at Victory Tax Lawyers, LLP. Our attorneys specialize in IRS tax relief and are licensed members of the California State Bar with a nationwide practice.
Last Reviewed: 2026 · Meet Our Attorneys →