5 Common Tax Deductions Small Business Owners Miss — And How to Claim Them

Running a small business is hard enough without worrying if you’re leaving money on the table. But every year, small business owners miss out on valuable tax deductions that could lower their taxable income and increase their refund (or reduce what they owe). Here are five commonly overlooked deductions and how to make sure you claim them:

1. Home Office Deduction

If you work from home, even part-time, you may qualify to deduct a portion of your home expenses like rent, mortgage interest, utilities, and internet.

Tip: Keep a record of your workspace size and expenses to calculate your deduction accurately.

2. Business Use of Vehicle

You can deduct mileage or actual expenses for your car if you use it for business — whether it’s driving to a client meeting or running to the bank.

Tip: Keep a detailed mileage log or receipts for actual expenses to substantiate your deduction.

3. Professional Services

Paying for accounting, legal, or consulting help? Those fees are deductible.

Tip: Hiring a pro to help you avoid mistakes can save you even more in the long run.

4. Marketing & Advertising

Website hosting, social media ads, business cards, and branded merchandise all qualify.

5. Continuing Education

Courses, seminars, certifications, or books that help you grow professionally are all deductible if they relate to your current business.

Need help finding every deduction you qualify for?

Schedule a free consultation with Assured Business & Tax Services today.