Tax credits and deductions are typically offered to small businesses each year. With a little planning, you can prepare to take advantage of the deductions you may be entitled to. The high-level summary of deductible business expenses from the Internal Revenue Service (IRS) can help you get started. Read on to learn what expenses your business may be able to claim.

Keep in mind that a full-time equivalent employee is defined by the IRS as multiple employees who are not full-time employees individually, but whose hours equate to a full-time employee when combined — and a full-time employee works at least 130 hours within a calendar month.