Finance

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

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

Whether you are launching or growing a business, we have all the business tools you need to take your business to the next level, in one place.
Enroll Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

4 Pieces of Financial Advice Every Budding Entrepreneur Needs to Hear