Maximizing Deductions for Your Small Business

Unlocking Hidden Savings

Every small business owner knows that deductions are key to a healthy bottom line. However, many miss out on valuable opportunities. Here are some commonly overlooked deductions.

1. Home Office Deduction

If you use a part of your home exclusively and regularly for your business, you can deduct expenses for that part of your home. This includes a portion of your rent, mortgage interest, utilities, and insurance.

2. Business Use of Your Car

Whether you use the standard mileage rate or actual expenses, deducting the cost of using your car for business is a significant tax saver. Remember to keep meticulous records!

Technology and Software

Don't forget to deduct the cost of software, online subscriptions (like QuickBooks), and even the portion of your cell phone and internet bills used for business.