You can deduct a range of business expenses, including car and mileage expenses, office expenses such as rent, utilities, and office supplies, health insurance premiums, business phone bills, continuing education courses, parking for business-related trips, business-related travel expenses, postage, and medical and dental expenses that exceed 7.5% of your adjusted gross income.
Additionally, for 2022, you can deduct 18 cents per mile for medical-related travel through June 2022 and 22 cents per mile from July 2022 through the end of the year.
If you have employees, you can deduct salaries, wages, bonuses, commissions, contributions to their retirement plans, education assistance, and most other employee benefits.
You may also be able to deduct student loan interest, mortgage interest on up to $750,000 of secured home mortgage debt ($1 million if you bought the home before Dec. 16, 2017), contributions to a traditional IRA or 401(k) plan, state, and local taxes, contributions to a health savings account, self-employment expenses, charitable contributions, investment losses, gambling losses.