Don't forget about the home office deduction. If a business owner has a home office, a portion of utilities and certain expenses can be tax deductible. "Say for instance, you have 1,000 square feet of living space and your home office is attributable to 250, thatâ€™s about 25%. So, 25% of your utilities, of your internet expenses, of any expenses attributable to having that home office can be tax deductible," points out Robbie Hampton. "The key is it really has to be a home office. If it's a home office/gym/spare bedroom/kids' playroom, then thatâ€™s not reasonable."