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Top 20 Tax Deductions for Small Business [Small Business Trends]

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
  • Depreciation
  • Supplies
  • Utilities
  • Taxes
  • Repairs
  • Insurance
  • Commissions
  • Advertising
  • Travel
  • 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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Gresham Harkless Jr.

Gresham Harkless is a Media Consultant for Blue 16 Media and the Blogger-in-Chief for CEO Blog Nation. CEO Blog Nation is a community of blogs for entrepreneurs and business owners. Started in much the same way as most small businesses, CEO Blog Nation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice. CEO Blog Nation provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.

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