Common business deductions are expenses that a company can claim as a reduction on their taxable income. They may include costs related to providing goods or services, salaries and wages, insurance, office supplies, travel, advertising costs, marketing materials and other overhead costs. By submitting claims for allowable business deductions companies can often save a significant amount of money in taxes. It is important to be aware of all the options available so you can maximize the benefits while remaining compliant with applicable regulations.