10 Tax Write-Offs Not to Overlook for 2021

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Running a business can be an expensive undertaking. After the financial uncertainty of the past year and a half, you may face more financial pressure than usual. While many business owners dread tax season, it can be an opportunity to save money and mitigate recent losses.

As a small business owner, many of your expenses may be deductible. You likely know a few things you can write off, but there are probably more savings opportunities than you realize. Here are 10 tax write-offs you should know about when it comes time to prepare your 2021 taxes.

1. Business Casualty Losses

Perhaps the most noteworthy deduction to take note of this year is business casualty loss. If your commercial property experienced damage or theft resulting from a federally declared disaster, you could deduct up to 100 percent of those losses. Natural disasters, vandalism, and civil disturbances, all of which have been prevalent recently, qualify.