5 Tax Deductions Small Business Owners Forget to Claim
Tax season can be stressful, especially for small business owners who are already juggling a million things. It’s easy to miss out on deductions that could save you money. The good news is, you don’t have to figure it all out on your own. At JR Chance Accounting and Tax Service, we’re here to help you uncover every deduction and keep more of what you earn.
Here are five common tax deductions that small business owners often overlook. Make sure you’re not leaving money on the table.
1. Your Home Office
If you use part of your home exclusively for business, you might be able to deduct a portion of your rent, mortgage interest, utilities, and even internet. Many business owners skip this deduction because they think it’s complicated, but if you qualify, it can be a game-changer.
2. Business Mileage
If you drive to meet clients, pick up supplies, or take care of other business-related tasks, those miles add up. Keeping a simple mileage log or using a tracking app can help you turn those miles into valuable deductions.
3. Continuing Education
Improving your skills through classes, workshops, or certifications doesn’t just help your business—it can also reduce your tax bill. These costs are fully deductible, so don’t forget to include them when filing your taxes.
4. Start-Up Costs
Getting a business off the ground takes time and money, and the IRS recognizes that. Expenses like market research, branding, and advertising are all deductible. Don’t let these important savings slip by.
5. Health Insurance
If you’re self-employed and paying for your own health insurance, you could qualify for a tax break. This deduction is often overlooked, but it’s an important one for many small business owners.
Need Help with Your Taxes? We’ve Got You Covered
At JR Chance Accounting and Tax Service, we specialize in helping small business owners make sense of their taxes. Our team will help you uncover every deduction and simplify the process, so you can focus on running your business.
If you’re ready to save time, reduce stress, and maximize your deductions, contact us today. Let’s make this tax season the easiest one yet!