Running a small business comes with many challenges, but missing out on key tax deductions shouldn’t be one of them. Understanding which expenses you can deduct can save you significant money and keep your business finances healthy. Here are ten deductions every small business owner should know:

1. Home Office Deduction: If you use part of your home exclusively for business, you can deduct related expenses like rent, utilities, and maintenance.
2. Vehicle Expenses: Keep track of mileage, fuel, and maintenance costs if you use your car for business purposes. You can choose between the standard mileage rate or actual expenses.
3. Office Supplies and Equipment: Items like pens, paper, computers, and desks that you use for your business are fully deductible.
4. Business Meals: Meals with clients or business partners can be 50% deductible. Ensure you keep receipts and document the purpose of the meeting.
5. Marketing and Advertising: Costs for promoting your business, such as website creation, ads, and social media campaigns, are deductible.
6. Employee Salaries and Benefits: Wages, health insurance, and retirement contributions for employees can be deducted.
7. Professional Services: Fees paid to accountants, lawyers, or consultants related to your business are deductible.
8. Education and Training: Courses, certifications, or workshops that enhance your skills for your business can be deducted.
9. Business Insurance: Policies like general liability, property, or professional liability insurance are fully deductible.
10. Loan Interest: If you’ve taken out a business loan, the interest paid on the loan is deductible.

Understanding these deductions can significantly reduce your tax liability. To ensure you’re taking full advantage of these opportunities, consult with a tax professional who can help you navigate the complexities of the tax code.