5 Best Tax Deductions For Small Businesses

1. Travel Expenses

Travel expenses refer to the necessary expenses for a business trip away from home. According to the IRS, small business owners can claim a travel expense deduction if their business requires them to be away from their general tax area for an extended period.

Travel expenses related to a temporary work assignment away from the general area of the business can be deducted. However, travel expenses for a work assignment of an indefinite or unknown period cannot be deducted.

Travel costs related to conventions are deductible if a proof of benefit to business can be provided. Usually, the travel expenses include costs incurred by traveling via airplane, bus, train, or car to a business destination, taxi fares, shipping, personal car used to travel to the business destination, and other modes of transportation. A small business owner can claim a travel expense deduction on Schedule C of Form 1040.

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