Deductions are expenditures that detract from your income. If you own a business, the money you spend on office equipment, supplies, and utilities would be tax write-offs. If you have a home-based business, you will more than likely have a specific area of your home set aside where you can operate your business and keep all of your inventory in one place. While certain deductions from your home may be claimed, you will not be able to take them all.