You had a great idea and now you’ve put it in motion as a business. And while income recognition is easy to determine, qualified business deductions can be a bit harder. So… what are the most common tax deductions for small businesses? Any materials you utilize for marketing your business and the cost of developing these can be deductible. This can be advertisements in print or media, brochures, branded promo items, events or trade shows. Non-branded gift cannot be deducted. Business insurance that is intended to protect your business as well as medical insurance that is paid by the business for its employees. Auto related insurance falls under a different set of guidelines. A portion of your vehicle expense can be taken related to the business use of the vehicle, unless standard mileage is taken instead. Depreciation and Section 179 expenses on capitalized business assets such as computers, office furniture, tools and equipment, and the like. Leasehold improvements and other real estate related capital expenses cannot be taken under Section 179. Special depreciation rules have been approved by the IRS in certain years that speed up depreciation life in qualified assets.