Business deductions are expenses that a business owner incurs in the course of running their business. These deductions are made to reduce the total amount of taxable income and lower the overall amount of taxes owed. Common types of deductions for small businesses include operating costs such as equipment, utilities, rent, travel expenses, insurance, and wages paid to employees. Business owners should take the time to carefully review each expense and examine if it can be deducted from their business’s income. By doing this, they can maximize the deductions they are eligible to receive and minimize their tax liabilities.