Tax deductible expenses are the costs that you can subtract from your total taxable income when completing your tax return. This can help to reduce the amount of taxes owed, or even qualify for a refund. Common examples are work-related expenses such as professional memberships, travel costs and employee business use of the home. As a business owner, if you have purchased items or services related to running your business, then you may be eligible for a deduction on your taxes. It is important to keep detailed records and receipts of any purchases as these can be invaluable when preparing your tax return. Taking advantage of full deductions is a great way to reduce taxes legally and ensure that you’re getting back all that you deserve.