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Key takeaways. Business loan payments aren't tax deductible but may be eligible for other deductions. Business loan interest can be deducted if you meet the appropriate criteria to qualify
There are dozens of self-employment tax deductions, including advertising, retirement contributions, health insurance, self-employment tax deduction, travel expenses, business insurance, car ...
Car loan interest is tax deductible, but only if you're a business owner or self-employed. Find out how to file your taxes if you own a car for business.
Bankrate insight. A marketing business owner travels across the U.S. to meet clients. In 2023, they traveled 5,000 miles in total. They can deduct $3,275 ($0.655 for 2023 standard mileage rate x ...
Canadian federal income tax does not allow a deduction from taxable income for interest on loans secured by the taxpayer's personal residence, but landlords who own rental residential or commercial property may deduct mortgage interest as a reasonable business expense; the difference between the two being that the deduction is only allowed when ...
Deductions. Student Loan Interest Deduction: If you made a payment on your student loans in 2024, you may deduct the amount of interest you paid on them or $2,500 from your taxable income ...