As a small business owner, every deduction counts. Here are some commonly missed tax deductions that could significantly reduce your tax liability.
Home Office Deduction
If you use part of your home exclusively for business, you may qualify for the home office deduction. You have two options:
Vehicle Expenses
Business use of your vehicle is deductible. For 2024, the standard mileage rate is 67 cents per mile. Alternatively, you can deduct actual expenses like gas, maintenance, and depreciation based on business use percentage.
Professional Development
Education and training that maintains or improves skills needed in your business are deductible. This includes conferences, online courses, and industry publications.
Remember, expenses must be ordinary and necessary for your business to be deductible. When in doubt, consult with a tax professional to ensure you're maximizing your deductions while staying compliant.