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Common deductions that business owners overlook

Writer's picture: Markus ShobeMarkus Shobe

In the complex world of taxes, business owners often miss out on several key deductions that can significantly reduce their taxable income. One common oversight is the deduction for home office expenses, applicable when a specific area of the home is dedicated exclusively to business activities. Similarly, many entrepreneurs fail to fully deduct expenses related to business use of their vehicle, which can be claimed based on mileage or actual expenses incurred.


Another frequently overlooked deduction is for depreciation, which allows business owners to recover the cost of significant purchases like equipment or furniture over time. Additionally, expenses for professional development, such as training courses or industry-related conferences, are also deductible but often missed. Business owners should also remember to deduct fees associated with legal and professional services, which include accounting and consulting fees. By staying informed and meticulous in tracking these expenses, business owners can maximize their deductions, ultimately enhancing their financial health and operational efficiency.

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