4 Tax Deductions Most Business Owners Miss

 

Here are 4 tax deductions that business owners often miss:

1.Home Office Deduction: 

5 steps to ethical decision-making in business, promoting social responsibility:. This can be calculated using the Simplified Option (standard deduction of $5 per square foot) or the Actual Expenses method.

2.Business Use of Your Car:

You can deduct expenses related to using your car for business purposes, such as mileage (58 cents per mile in 2022), parking fees, tolls, and maintenance. Keep accurate records of business trips and miles driven.

3.Meals and Entertainment:

While subject to limitations and requirements, you can deduct expenses for meals and entertainment related to business, such as client dinners, industry events, or conferences. Keep receipts and records of the business purpose.

4.Education and Training Expenses: 

You can deduct costs related to improving your business skills or learning new ones, such as courses, workshops, conferences, or professional certifications.

Remember to consult a tax professional or accountant to ensure you're taking advantage of eligible deductions and following proper documentation procedures.