Ensuring that your business utilizes the most common business tax deductions is important to the health and growth of any small business.

Some of the most common business tax deductions include:

1. Employee salaries and benefits: This includes salaries, bonuses, and health insurance.
2. Advertising and marketing expenses: This includes costs for promoting your business, such as advertisements, flyers, and business cards.
3. Travel expenses: This includes expenses for traveling for business purposes, such as transportation, meals, and lodging.
4. Rent or lease payments: This includes payments for office space, equipment, and vehicles.
5. Supplies and materials: This includes items like office supplies, raw materials, and equipment.
6. Professional fees: This includes fees for legal, accounting, and consulting services.
7. Home office expenses: This includes a portion of expenses for heating, cooling, rent, and utilities for a home office.
8. Depreciation: This includes the cost of equipment and property that loses value over time.

It’s important to note that the deductions a business can take may vary based on the type of business, its structure, and the jurisdiction in which it operates. Consult a tax professional for specific and accurate information.

There are several strategies for reducing business taxes, including:

1. Utilizing tax deductions: Take advantage of tax deductions, such as those for business expenses and employee benefits, to lower your taxable income.
2. Structuring your business: Consider the tax implications of different business structures, such as sole proprietorship, partnership, LLC, or corporation.
3. Keeping good records: Maintaining accurate and detailed records of your income and expenses can help you take full advantage of tax deductions and credits.
4. Planning ahead: Plan ahead for large purchases or investments that could affect your tax liability.
5. Seeking professional advice: Consult a tax professional or accountant to get personalized advice on how to reduce your business taxes.

It’s important to note that tax laws and regulations can change, so it’s a good idea to stay informed and seek professional advice to ensure compliance.

The most common tax forms for a small business in the US are:

1. Form 1040 Schedule C: Used to report income or loss from a sole proprietorship or single-member LLC.
2. Form 1120: Used to report the income, gains, losses, deductions, credits, and tax liability of a corporation.
3. Form 1065: Used to report the income, deductions, gains, losses, etc. of a partnership or multiple-member LLC.
4. Form 941: Used to report payroll taxes, such as federal income tax withholding, Social Security and Medicare taxes, and employer’s share of these taxes.
5. Form W-2: Used to report the amount of wages paid to an employee and the amount of taxes withheld from their pay.
6. Form W-9: Used to request a taxpayer identification number (TIN) from a vendor or contractor.
7. Form 1099-MISC: Used to report miscellaneous income, such as rent, royalties, or freelance work, paid to someone who is not an employee.

It’s important to note that there may be additional forms required, depending on the specific circumstances of the business, such as sales tax, unemployment tax, and state tax forms. Consult a tax professional for specific and accurate information