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Learn more about the small business tax deductions that may be available to you. ... For 2023 taxes, you can deduct 65.5 cents per mile. For 2024 taxes, you can deduct 67 cents per mile. ...
From startup expenses to business insurance, here are some deductions you may be able to claim on your business tax return.
The IRS bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023. The new rate kicks in beginning Jan. 1 and it would apply to 2024 tax returns ...
After the tax reform in 2017, entertainment expenses for business purposes were no longer deductible, and meal deductions were limited to 50%. ... The standard deduction amounts for tax year 2024 ...
There are dozens of self-employment tax deductions, including advertising, retirement contributions, health insurance, self-employment tax deduction, travel expenses, business insurance, car ...
If you own a small business and run it for a profit, you can likely deduct the costs incurred. Small business tax deductions reduce your taxable profits and, therefore, business taxes. From home ...
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