Running a small business is exciting, but tax season can bring a mix of emotions. Did you know there are deductions you can claim to reduce your taxable income? Here are 5 common ones:

1. Business Expenses: From office supplies and rent to marketing costs and software subscriptions, many everyday business expenses are deductible. Keep receipts for everything!

2. Home Office Costs: Do you dedicate a space in your home solely for business? You might be able to deduct a portion of your rent, utilities, and even internet if used for work.

3. Vehicle Expenses: If you use your car for business trips, mileage or actual expenses like fuel and maintenance can be claimed. Remember to keep detailed records!

4. Depreciation: As equipment and machinery wear down, you can claim depreciation, spreading their cost over their useful life.

5. Interest on Business Loans: The interest you pay on loans used for your business can be deducted, helping ease the financial burden.

Remember: This list is not exhaustive, and tax laws can change. Consult with The Tax Avatar to ensure you claim all eligible deductions and maximize your tax return.