Common Small Business Tax Deductions You Might Be Missing

Running a small business comes with plenty of expenses, and some of those can reduce the amount of tax you owe. Knowing which deductions you qualify for helps you keep more money in your pocket. Here are some common deductions small business owners often overlook.

Home office expenses.

If you work from home, you may be able to deduct a portion of your home expenses, such as utilities, internet, and property taxes.

Vehicle expenses.

When you use your personal vehicle for business purposes, you can claim a percentage of gas, maintenance, and insurance costs. Keep a detailed mileage log.

Supplies and tools.

Everything from office supplies to tools and equipment used for your business can be deducted as an expense.

Professional fees.

Accounting, legal, and consulting fees are fully deductible.

Meals and entertainment.

You can claim 50% of reasonable business-related meals and entertainment costs, provided you keep the receipts.

Knowing what you can claim (and keeping the records to back it up) makes a big difference at tax time. To make sure you’re not leaving money on the table, contact Kuepfer Accounting & Bookkeeping for expert small business tax advice.