We all have a common fear: Everyone is a little scared of the IRS. Although a little fear is healthy, for a small business owner or self-employed person, too much fear of the IRS can be detrimental to the bottom line.

If you want to pay less income taxes, take the time to learn what others in your industry are deducting and keep track of all legitimate business expenses. The savings could easily amount to several hundred dollars. Start with these ten categories.

Home office expenses: If you operate your business from your home, a portion of your home insurance, rent, repairs, maintenance, utilities, and other expenses may be deductible.

Commercial mileage: By keeping track of every business mile traveled, you’ll pay less tax. But, if those miles aren’t tracked correctly, they can be rejected.

Interest on commercial debt: Monthly business checking account fees, bank overdraft penalties, business credit card finance charges, interest on a home equity loan to finance your business, and annual credit card fees are deductible.

Health insurance for self-employment: Self-employed health insurance costs are a business deduction and are subtracted on your personal tax return.

Retirement deposits and IRA: Retirement accounts and IRA deposits for self-employment and small business also count on your personal 1040 tax return.

Promotional expenses: If you spent money or traded goods to make your business or product name known to the public, that cost is deductible as a promotional expense.

Seminars and classes: All classes that do best at what you do to generate income, as well as general business classes, are deductible. Remember to record all mileage and travel expenses if you have them; those are also deductible.

Subscriptions: All magazines, newspapers and newsletters that you buy to improve your business knowledge, including online subscriptions, can be deducted on your business tax return.

Rent: If you pay rent for an office, desk space, chair space or storage space, rent tools or equipment, pay for loft space, or have other rental expenses within your business, those expenses are deductible.

Inventory: Inventory costs are only deductible when inventory is sold; Unlike most other business expenses, they are not always deducted in the same year the money is spent. The IRS has specific rules for inventory management.

A tax professional can only work from the information you provide, and unless you understand what you can and cannot deduct on a business return, even a good tax professional will lose valuable deductions. Keeping good records, documenting all business expenses is all you will need in case an audit comes up.