Common Tax Deductions
- Home Office: Deduct a portion of your home expenses if you use part of your home exclusively for business.
- Business Equipment & Supplies: Computers, software, office supplies, and more.
- Vehicle Expenses: Mileage or actual expenses for business use of your car.
- Travel & Meals: Business travel, lodging, and 50% of business meals.
- Professional Services: Fees paid to accountants, consultants, and legal advisors.
- Marketing & Advertising: Website, ads, business cards, and promotional materials.
- Insurance: Business insurance premiums.
- Retirement Contributions: Contributions to SEP IRA, SIMPLE IRA, or 401(k) plans.
Tips for Claiming Deductions
- Keep detailed records and receipts
- Track expenses throughout the year
- Consult a tax professional for complex situations
- Don’t overlook small deductions—they add up!
Stay Compliant
Tax laws change frequently. Stay up to date and work with a qualified accountant to ensure you’re maximizing deductions while staying compliant with IRS rules.
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