Small business owners can generally deduct certain expenses on their taxes. But which ones? Here’s a quick look at what’s deductible and what isn’t, according to the Internal Revenue Service (IRS).
These Items Are Typically Tax Deductible:
- Employees’ pay
- Retirement plans
- Business rent
- Interest
- Taxes
- Insurance
- Business meals
- Business travel
- Business use of your car
- Business use of your home
These Items Are Typically NOT Tax Deductible:
- Personal, living or family expenses
- Business startup costs
- Business assets
- Business improvements
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Written by Allstate