"What are some common tax deductions for small business owners?"

As a legal advisor, some common tax deductions that small business owners can take advantage of are:

1. Home office expenses:

   If you use a portion of your home exclusively for business purposes, you may be able to deduct a portion of your mortgage interest, rent, utilities, insurance, and other expenses related to your home office.

2. Vehicle expenses:

   If you use your personal vehicle for business purposes, you may be able to deduct the costs of gas, maintenance, repairs, and insurance. You can either take the standard mileage rate deduction or keep track of your actual expenses.

3. Travel and entertainment expenses:

   If you travel for business purposes, you may be able to deduct expenses such as airfare, lodging, meals, and transportation. You can also deduct 50% of the cost of business-related entertainment.

4. Health insurance premiums:

   If you are self-employed and pay for your own health insurance premiums, you may be able to deduct them as an above-the-line deduction on your tax return.

5. Retirement plan contributions:

   Small business owners can deduct contributions made to qualified retirement plans, such as a SEP-IRA or a solo 401(k).

6. Depreciation:

   Small business owners can deduct the cost of equipment, machinery, and other business assets over time by depreciating them on their tax return.

It is important to note that there may be limitations and exceptions to these deductions depending on the specific circumstances of each small business owner. It is always recommended to consult with a licensed accountant or tax professional for personalized legal advice regarding tax deductions.