Running a small business means wearing a lot of hats; but “tax expert” doesn’t have to be one of them. Still, missing out on key deductions can mean you’re leaving money on the table. 💸 To help you maximize your savings, here are five commonly overlooked tax deductions that can make a real difference when it’s time to file.

1. Home Office Deduction

If you use part of your home regularly and exclusively for business, you may qualify for the home office deduction. This includes a percentage of your rent or mortgage, utilities, insurance, and even internet costs.
💡 Pro tip: Keep detailed records and measure your workspace accurately, the IRS loves documentation.

2. Business Use of Your Vehicle

Do you use your personal car for business errands, client meetings, or deliveries? You can deduct mileage, parking, tolls, and maintenance related to business use.
You can choose between the standard mileage rate or actual expenses. Your accountant can help determine which method saves you more.

3. Professional Fees and Subscriptions

Many small business owners forget to deduct professional services such as accounting, legal, or consulting fees.
Don’t forget industry-specific software, training, and memberships (like QuickBooks, continuing education, or professional associations). These are legitimate business expenses that add up fast.

4. Retirement Contributions

Contributing to a SEP IRA, SIMPLE IRA, or Solo 401(k) not only helps you plan for your future but can also lower your taxable income today.
Small business owners often skip this deduction because they’re too focused on immediate expenses, but this one offers long-term benefits and tax savings.

5. Health Insurance Premiums

If you’re self-employed and pay for your own health insurance, you may be able to deduct your premiums for medical, dental, and even long-term care insurance, for both you and your dependents.
It’s one of the most valuable (and most overlooked) deductions available.

Bottom Line

Every dollar counts in business and the IRS offers plenty of ways to keep more of what you earn.
Working with a professional bookkeeper or accountant ensures you’re maximizing every deduction and staying compliant all year long.

Don’t wait until tax season to find out what you’ve missed!