These costs are usually deductible, but specific cases like acquiring business assets or defending business claims require special treatment under the tax law. Legal fees: In the normal course of doing business, you may incur legal fees.This includes a portion of your rent or mortgage, utilities and home insurance. Home office – Article and Video: If you use part of your home exclusively for your business, you may qualify for a home office deduction.Health Savings Account – Article and Video.Health Reimbursement Arrangement – Article and Video.Additionally, if you offer health insurance to your employees, these costs are deductible. This also extends to your family members' premiums. Health insurance – Video: If you're self-employed and pay for your own health insurance, you may be able to deduct your insurance premiums.Gifts for customers ($25 deduction limit for each).Dining and Office food – Article and Video.Depreciation: If your business purchases property like buildings, equipment or vehicles, you can't deduct the cost in the year you bought them, but you can depreciate them over their useful life.Similarly, if you pay for your employees' training and education related to their job, these costs are deductible. Continuing education for yourself to maintain licensing and improve skills: As a business owner, you can deduct education expenses to maintain or improve skills necessary for your business.
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