15 Commonly Missed Tax Deductions for Businesses

Here's a checklist of 15 commonly missed tax deductions for businesses:

1. Home Office Deduction: If you use a portion of your home regularly and exclusively for business purposes, you may be eligible to deduct expenses related to that space, such as utilities, rent, or mortgage interest.
2. Startup Costs: Expenses incurred before your business begins operating, such as market research, advertising, or incorporation fees, may be deductible up to a certain limit in the year your business launches.
3. Business Use of Your Car: You can deduct expenses related to the business use of your vehicle, either by using the standard mileage rate or actual expenses such as gas, maintenance, and depreciation.
4. Travel Expenses: Costs related to business travel, including airfare, lodging, meals, and transportation, are generally deductible. Keep records and receipts to substantiate these expenses.
5. Professional Services: Fees paid to lawyers, accountants, consultants, and other professional services directly related to your business activities are typically deductible.
6. Education and Training: Expenses for education and training that improve or maintain skills related to your business, such as seminars, workshops, or online courses, may be deductible.
7. Office Supplies and Equipment: Purchases of office supplies, furniture, computers, and other equipment necessary for your business operations are deductible. Larger purchases may need to be depreciated over time.
8. Utilities: Costs for utilities such as electricity, water, heating, and internet service used for your business premises or home office are deductible.
9. Health Insurance Premiums: If you're self-employed or have fewer than 25 employees, you may be able to deduct premiums paid for medical, dental, and long-term care insurance for yourself, your spouse, and your dependents.
10. Retirement Contributions: Contributions to retirement plans like a Simplified Employee Pension (SEP) IRA, Solo 401(k), or other qualified plans can be deductible for your business.
11. Charitable Contributions: Donations made by your business to qualified charitable organizations are deductible. Keep records such as receipts or acknowledgment letters.
12. Advertising and Marketing: Expenses related to advertising and marketing your business, including website development, social media advertising, and printed materials, are generally deductible.
13. Interest Expenses: Interest paid on business loans, credit card interest for business purchases, and mortgage interest on business property may be deductible.
14. Bad Debts: If you have unpaid invoices or loans that you're unable to collect, you may be able to deduct them as bad debts.
15. Legal and Professional Fees: Fees paid for legal services, tax preparation, and other professional services directly related to your business activities are deductible.

Remember to consult with a tax professional or accountant to ensure that you're correctly applying these deductions based on your specific business situation and the current tax laws.

Feeling Overwhelmed by Tax Deadlines, Deduction Opportunities and Tax Laws? Let Us Take the Stress Off Your Shoulders! Reach Out Today for Expert Assistance: Call 717-348-3252 or Email Nathan@MyCountryTax.com.