Here are some of the most popular tax deductions for small business that were claimed by sole proprietors as determined by the dollar amounts, starting with the largest category. The same types of deductions can be claimed by other entities — C corporations, S corporations, partnerships, and limited liability companies (LLCs) (although there may be slightly different rules for some deductions). See which of these tax deductions for small business apply for your 2015 tax return.
Top Tax Deductions for Small Business
- Car and Truck Expenses
- Salaries and Wages
- Contract Labor
- Rent on Business Property
- Home Office
- Legal and Professional Fees
- Meals and Entertainment
- Rent on Machinery and Equipment
- Interest on Business Indebtedness
- Employee Benefit Programs and Qualified Retirement Plans
- Mortgage Interest
Curated from Top 20 Tax Deductions for Small Business [Small Business Trends]
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