Top Tax Deductions for Small Business Owners You Might Be Missing

As a small business owner, every dollar counts—especially when it comes to taxes. By working with an accountant, you can easily track expenses and make sure you're maximizing your tax deductions. Here are the top deductions you might be missing:

1. Home Office Deduction
   If you run your business from home, you may qualify for the home office deduction. Your accountant can help you figure out what portion of your rent, utilities, and maintenance costs can be deducted. They'll also ensure you meet the IRS requirements, such as using the space regularly and exclusively for business.

2. Vehicle Expenses
   If you use your car for business, you can either deduct actual expenses like gas and maintenance or take the IRS standard mileage rate (65.5 cents per mile for 2023). Your accountant can advise you on which option saves you more money and make sure your records are accurate.

3. Business Travel
   Business-related travel expenses, such as flights, hotels, and meals, are deductible. Your accountant will ensure that your travel is directly related to your business and help you keep detailed records to support the deduction.

4. Supplies and Inventory
   Office supplies, equipment, and inventory for resale are deductible. Your accountant will help you keep track of all these purchases, from office supplies to business software, and ensure everything is categorized correctly.

5. Marketing and Advertising
   Marketing costs—whether it’s Facebook ads, business cards, or website hosting—are fully deductible. Your accountant will help you track and record these expenses so nothing is overlooked when it's time to file taxes.

6. Employee Wages and Benefits
   Salaries, bonuses, and health insurance premiums you pay to employees are deductible. Your accountant can help you manage payroll expenses and ensure that all employee-related deductions are captured correctly.

7. Business Insurance
   If you pay for business insurance, such as liability coverage, those premiums are deductible. Your accountant will make sure these insurance costs are included in your tax filings.

8. Education and Training
   If you’re investing in education or training to improve your business skills, those costs are deductible as long as they’re related to your current business activities. Your accountant can help you track these expenses and confirm they qualify for a deduction.

By working with an accountant, you can ensure you’re capturing all possible deductions, staying compliant with IRS regulations, and ultimately keeping more of your hard-earned money