5 Commonly Missed Tax Deductions for NWA Small Business Owners

Feb 11

📍 Northwest Arkansas | 💰 Save More This Tax Season

As a small business owner in Northwest Arkansas, managing your finances effectively isn’t just about keeping the lights on—it’s about growing smarter and keeping more of what you earn.

Here are five commonly missed tax deductions that could make a big difference when it’s time to file.

1. Home Office Deduction

If you run your business—even partially—from home, you may qualify to deduct a portion of:

Utilities
Internet
Repairs
Mortgage interest or rent

💡 Tip: The space must be used exclusively for business. Keep documentation of your layout and usage.

2. Everyday Business Expenses

Office supplies, marketing expenses (like website costs), software subscriptions (like QuickBooks), and client gifts can all add up—and are fully deductible.

💡 Tip: Snap photos of receipts and store them digitally by month.

3. Vehicle Mileage or Expenses

Drive to meet clients, deliver products, or attend local events? You can deduct:

Business mileage (use the IRS rate)
Or actual vehicle expenses like fuel and maintenance

💡 Tip: Keep a mileage log or use a tracking app to avoid guesswork.

4. Professional Services

Fees paid to accountants, consultants, or business coaches are deductible.
Investing in experts helps you stay compliant—and profitable.

💡 Tip: Track all service providers in your accounting software for easy reporting.

5. Tax Prep & Bookkeeping Tools

Subscriptions to tools like QuickBooks, payroll platforms, or tax prep services are considered necessary business expenses—and are deductible.

💡 Tip: Categorize these under “Professional Services” in QuickBooks for clarity.

💬 FAQ for NWA Small Biz Owners

Q: How can I manage irregular income throughout the year?
👉 Set aside a percentage of each deposit for taxes and build a buffer for lean months.

Q: Do I really need to keep every receipt?
👉 Yes. Organized records protect you in case of an audit and ensure nothing gets missed.

Q: What qualifies as a deductible business expense?
👉 Anything that’s ordinary and necessary for your line of work—check with a tax pro for limits.

Q: Can I deduct business coaching or financial consulting?
👉 Yes! If it's related to growing or managing your business, it’s deductible.

🎯 Want help identifying deductions before tax season hits?

Book a free call with Dr. Bryan Raya, QuickBooks ProAdvisor, and let’s clean up your books with confidence:
👉 https://calendly.com/dbrbookkeeping/30-minute-zoom-consultation-call

Let’s start Doing Business Right.

#BookkeepingTips #SmallBusinessGrowth #NWA #QuickBooksHelp #TaxDeductions #DBRBookkeeping #DoingBusinessRight

Bryan Raya