Common Tax Deductions You Might Be Missing

As a business owner, it's important to keep track of all the expenses you incur to run your business. However, did you know that there are many tax deductions available that you might be missing out on? In this blog post, we'll explore some of the most common tax deductions that can help you save money on your taxes.
 

Home Office Deduction

If you work from home, you may be eligible for a home office deduction. This deduction allows you to deduct a portion of your home expenses, such as rent, mortgage interest, property taxes, and utilities, that are used for your home office.

Business Travel Expenses

If you travel for business, you can deduct your travel expenses, such as airfare, rental cars, and hotel stays. However, in order to qualify for this deduction, the travel must be for business purposes only.

Vehicle Expenses

If you use your personal vehicle for business purposes, you can deduct the expenses associated with the use of your vehicle, such as gas, maintenance, and repairs. You can either deduct the actual expenses or use the standard mileage rate, which is currently 67 cents per mile.

Equipment and Supplies

You can deduct the cost of equipment and supplies that are necessary for your business. This includes things like computers, printers, office furniture, and software.

Charitable Contributions

If you make charitable contributions to qualified organizations, you can deduct the value of your contributions on your tax return. This can include cash donations, as well as contributions of property or other assets.

Retirement Contributions

If you contribute to a retirement plan, such as a 401(k) or IRA, you can deduct the amount of your contributions on your tax return. This can help you save money on your taxes while also saving for your future.

There are many tax deductions available that can help you save money on your taxes. By keeping track of your expenses and taking advantage of these deductions, you can reduce your tax liability and keep more of your hard-earned money. As your trusted partner, Bible Harris Smith, P.C. is here to help you navigate the intricacies of tax planning and ensure that you take advantage of all the deductions available to you.

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