When it comes to small business taxes, even the most diligent entrepreneurs can overlook valuable tax deductions. Missing out on these opportunities can cost you more than just money — it can impact your long-term financial growth. At JCB Financial Services, our goal is to help business owners like you maximize deductions, reduce liabilities, and stay IRS-compliant all year long.
Here are the top 7 tax deductions many small business owners miss:
1. Home Office Deduction
If you regularly use part of your home exclusively for business, you may be eligible to deduct expenses such as rent, utilities, and insurance. Even a small space can generate a significant tax break.
2. Startup Costs
Did you recently launch your business? The IRS allows you to deduct up to $5,000 in startup expenses, such as legal fees, website development, and marketing costs.
3. Vehicle Expenses
Whether you use your car partially or fully for business, mileage, gas, and even lease payments could be deductible. Be sure to maintain accurate records to support your business mileage deduction.
4. Professional Services
Fees paid to accountants, lawyers, consultants, or other professionals are fully deductible. Investing in financial guidance isn’t just smart—it’s tax-smart too.
5. Continuing Education
Courses, workshops, and seminars that help you maintain or improve your skills may qualify as education deductions. These costs can include tuition, materials, and even travel expenses.
6. Employee Benefits and Wages
Salaries, bonuses, and contributions to employee retirement plans or health insurance are generally deductible. This helps small businesses stay competitive while also reducing taxable income.
7. Bad Debts
If you’ve extended credit to a client and haven’t been paid, you may be able to deduct that amount as a business bad debt, depending on your accounting method.
Don’t Leave Money on the Table
Tax laws change often, and missing key deductions can lead to overpaying on taxes. The team at JCB Financial Services is here to guide you through every step of your tax planning and preparation process. We specialize in helping small business owners, freelancers, and startups find every possible way to lower their tax liability while remaining fully compliant.
💼 Ready to take control of your tax strategy?
Fill in the form below and one of our professionals will get in touch to review your current situation and maximize your deductions.
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