This is not an exhaustive list but it covers the deductions we see business owners miss most often. Review this against your own situation and bring any questions to your next advisor conversation.

1.    Home Office Deduction — If you use a dedicated space in your home exclusively for business, you can deduct a proportional share of rent, mortgage interest, utilities, and insurance.

2.    Vehicle Use — Business miles driven for client meetings, site visits, and business errands are deductible. Track every mile using an app or mileage log.

3.    Business Meals — 50% of the cost of meals with clients, prospects, or business partners is deductible. Keep the receipt and note the business purpose.

4.    Travel — Airfare, hotels, rental cars, and related expenses for legitimate business travel are fully deductible. Personal portions are not.

5.    Health Insurance Premiums — Self-employed business owners can deduct 100% of health, dental, and vision insurance premiums for themselves and their families.

6.    Retirement Contributions — Contributions to a SEP-IRA, Solo 401(k), or SIMPLE IRA are deductible and reduce your taxable income dollar for dollar.

7.    Professional Development — Courses, books, certifications, coaching, and training directly related to your business are deductible.

8.    Software and Subscriptions — Business software, apps, and tools — accounting software, project management tools, CRM systems — are fully deductible.

9.    Office Supplies — Pens, paper, printer ink, postage — anything you buy for day-to-day office use is deductible.

10. Phone and Internet — The business-use portion of your cell phone and internet bill is deductible. Keep it documented.

11. Marketing and Advertising — Website costs, paid advertising, social media management, graphic design, and printed materials are all deductible.

12. Professional Fees — Fees paid to your accountant, attorney, business consultant, or financial advisor are fully deductible.

13. Bank Fees and Interest — Business bank account fees, merchant processing fees, and interest on business loans are deductible.

14. Contractor and Freelancer Payments — Payments to independent contractors are deductible as business expenses. Remember to issue 1099s when required.

15. Equipment and Technology — Computers, monitors, printers, and other business equipment can be deducted in the year of purchase under Section 179 or bonus depreciation.

16. Rent — If you lease office, retail, or warehouse space, rent payments are fully deductible.

17. Utilities — Electricity, water, gas, and other utilities for your business space are deductible.

18. Business Insurance — General liability, professional liability (E&O), and other business insurance premiums are deductible.

19. Depreciation — Assets with a useful life of more than one year are depreciated over time — or in some cases, deducted immediately. This includes property, equipment, and vehicles.

20. Cost Segregation — If you own commercial or rental property, a cost segregation study can accelerate depreciation and generate significant additional deductions in year one.

Important: Deductions must be ordinary, necessary, and documented. Keep receipts, bank statements, and records that support every deduction you take.

Have questions about what applies to your situation? Book a call with  TAX PROS ADVISORS at ntexcg.com/book-a-call