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What are some tax deductions for small businesses?
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Some common tax deductions for small businesses include:
1. Business expenses such as advertising costs, employee compensation, legal and accounting expenses, and business travel costs.
2. Equipment purchases, including computers and other office equipment.
3. Rent or lease payments for business premises.
4. Depreciation of business assets, including those used for business vehicles.
5. Business insurance premiums.
6. home office expenses.
7. Health insurance premiums for self-employed individuals.
8. Interest expenses paid for business loans.
9. Dues and subscriptions to professional organizations.