When it comes to taxes, most business owners focus on revenue—how much they made. But what about the other side of the equation? Every deduction you claim is money that stays in your pocket instead of going to the IRS.
Unfortunately, many businesses leave deductions on the table—money that could have been theirs. Let’s make sure you’re not one of them.
1. Home Office Deduction
Working from home? Even if it’s just a small desk in the corner of your living room, you may be able to deduct a portion of:
- Rent or mortgage interest
- Utilities
- Internet and phone costs
- Office supplies
Pro tip: Keep your square footage clear—only the portion used exclusively for work qualifies.
2. Vehicle & Travel Expenses
Business trips, client meetings, and deliveries can add up fast. Don’t forget to track:
- Mileage (keep a log!)
- Gas, tolls, parking
- Meals during business travel (50% deductible)
A little tracking now saves headaches and lost deductions later.
3. Professional Education & Training
Courses, certifications, workshops, or even industry-specific conferences? They may all be deductible.
Fun fact: Learning new skills for your business isn’t just smart—it’s tax-savvy too.
4. Software, Subscriptions & Tools
From accounting software to project management tools, most subscriptions and apps used for business purposes are deductible. Don’t forget cloud services, SaaS tools, and even premium features if they’re necessary for your business.
5. Interest & Loan Fees
Business loans, lines of credit, and credit cards often come with interest and service fees. These costs are deductible too. Many business owners overlook them because they’re “small” or paid monthly.
6. Don’t Forget Charitable Giving
If your business donates to a qualified nonprofit, those contributions are deductible. Keep your receipts and verify the organization’s tax-exempt status.
Wrap-Up: Keep More of What You Earn
Deductions aren’t just paperwork—they’re opportunities to keep more money working for your business instead of the IRS. The key is tracking and planning throughout the year, not just at tax time.
Next Step: Pull your receipts, review your expenses, and see what deductions might have been missed. Need help maximizing your write-offs? Ledger Right can review your books and make sure you don’t leave money on the table. Contact Us
