Running a small business is hard work, and you deserve to keep as much of your profit as possible. Many business owners leave money on the table by missing out on legitimate deductions.
1. Home Office Deduction
If you use a portion of your home exclusively for business, you can deduct a percentage of your rent, mortgage interest, utilities, and insurance.
2. Vehicle Expenses
Whether you choose the standard mileage rate or actual expenses, tracking your business driving is one of the most valuable deductions available.
3. Startup Costs
Did you know you can deduct up to $5,000 in startup costs in your first year of business? This includes market research, advertising, and legal fees.
4. QBI Deduction
The Qualified Business Income (QBI) deduction allows eligible self-employed individuals and small business owners to deduct up to 20% of their qualified business income from their taxes.
5. Professional Fees
Fees paid to attorneys, consultants, and yes—tax accountants—are fully deductible business expenses.
