What are some examples of legal tax deductions?


Quick Answer

Some examples of legal deductions include accounting fees, business travel, entertainment, home office costs and legal fees as well as rent, utilities, and research and development, according to Entrepreneur. Each of these deductions has its own rules and qualifications to be valid.

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Full Answer

In general, Code Section 62 of the Internal Revenue Service code states that any expense for the production of income qualifies as a valid write-off, reports Entrepreneur. There are limits and prerequisites to each deduction, however. For instance, only a portion of rent paid for a home office space may be deductible, and dining or entertainment expenses must have proper business purposes to qualify.

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