5 Commonly Missed Tax Deductions Every Small Business Owner Should Know

Jan 7

As a small business owner, navigating taxes can feel overwhelming. But the truth is, understanding the deductions available to you isn’t just smart—it can save you thousands and make financial management easier year-round.

Here are five tax deductions that small business owners often overlook (and how to make sure you don’t).

1. Home Office Deduction

If you use part of your home exclusively for business, you may qualify for this deduction. That can include a portion of your:

Mortgage interest or rent
Utilities
Home repairs or maintenance

💡 Pro Tip: Keep detailed records, floor plans, and documentation to support your claim in case of an audit.

2. Everyday Business Expenses

Office supplies, marketing tools, software subscriptions—these often go untracked and underdeducted.

💡 Pro Tip: Use a tool like QuickBooks to automatically track and categorize these everyday costs.

3. Business Vehicle Use

Drive for work? You may deduct either:

Standard mileage rate, OR
Actual expenses (like gas, maintenance, insurance)

Just be sure to track your mileage and maintain a detailed log of business-related travel.

4. Professional Services

Fees paid to accountants, attorneys, consultants, or even bookkeepers like DBR are deductible business expenses.

💡 Pro Tip: Save those invoices. They’re not just deductible—they’re proof that you’re investing in your business’s growth.

5. Education & Training

Whether it's a business workshop, an online course, or a local seminar, if it helps you grow your business, it’s likely deductible.

Just ensure it’s related to your current business activities, not a completely unrelated new field.

🧠 FAQ

Q: What qualifies as a home office?
👉 The space must be used exclusively and regularly for business.

Q: Can I deduct my car if I use it personally too?
👉 Yes, but only the business-use portion is deductible.

Q: What’s the best way to track my deductions?
👉 Use software like QuickBooks to stay organized and tax-ready year-round.

Q: Are there limits to what I can deduct?
👉 Yes—some deductions have caps. A tax professional can help you navigate those.

📞 Want help maximizing your deductions before tax season hits?
Book a free call with Dr. Bryan Raya, QuickBooks ProAdvisor, to get personalized guidance:
👉 https://calendly.com/dbrbookkeeping/30-minute-zoom-consultation-call

Let’s start Doing Business Right.

#TaxTips #SmallBusinessTaxes #QuickBooksHelp #BookkeepingTips #DBRBookkeeping #DoingBusinessRight

Bryan Raya