Every dollar you overpay in taxes is one you can’t reinvest in your business. Unfortunately, many business owners leave money on the table simply because they overlook deductions they legally qualify for.
Here are a few commonly missed deductions:
Home Office Deduction
Even if you work partially from home, you may be able to deduct a portion of your mortgage, rent, utilities, and internet.
Business Use of Your Vehicle
Keep accurate mileage logs for business travel. Don’t forget parking, tolls, and maintenance related to business use.
Continuing Education
Conferences, online courses, certifications, or seminars related to your field may be deductible.
Software and Subscriptions
From accounting apps to project management tools, most business-related software costs qualify.
Meals and Entertainment
While deductions are limited, business meals with clients or staff (under IRS rules) can be partially deducted.
Retirement Plan Contributions
SEP IRAs, solo 401(k)s, and defined benefit plans can reduce your taxable income while building long-term wealth.
Proper documentation is essential. Use your accounting system to track and categorize expenses in real time. Don’t wait until tax season to scramble for receipts—schedule a review with your CPA now to ensure nothing is missed.