Overlooked Business Deductions, Part 1

You didn't forget these, did you?
1 min read
Opinions expressed by Entrepreneur contributors are their own.

As a business owner, it's easy to overlook legitimate business tax deductions. After all, so much of your life likely has some element of tax-deductibility. Keep in mind that many things not normally tax-deductible for individuals become deductible to you as a business owner. Here are a few examples:

  • Your car. If you use a car in your business, you can deduct the business cost of the car, plus operating and maintenance expenses that pertain to business activities.
  • Personal assets. Depending on the percentage of use that pertains to your business, some of your personal assets may become business tax deductions. For example, if your home computer is used 60 percent for your business, 60 percent of its cost and operating expenses can become business tax deductions.
  • Your home. The home office is the portion of your home that's used for business purposes. As a business owner, you may qualify to take a home office tax deduction.

SOURCE: Ask the Experts

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur