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Frequently Asked Questions
What are the most commonly missed small business tax deductions?+−
Frequently overlooked deductions include the home office deduction, vehicle mileage, retirement plan contributions, health insurance premiums, professional service fees, and software subscriptions.
Can I claim the home office deduction if I also work outside my home sometimes?+−
Yes, as long as part of your home is used regularly and exclusively for business, you can generally still qualify even if you also work from other locations part of the time.
Are retirement contributions really tax deductible for small business owners?+−
Yes. Contributions to plans like a SEP IRA, Solo 401(k), or SIMPLE IRA reduce your taxable income for the year while also building retirement savings.
Why do small businesses miss so many deductions?+−
Most missed deductions result from inconsistent recordkeeping throughout the year rather than the expenses not qualifying. Without organized monthly books, it's difficult to identify every eligible write-off at tax time.
How can I make sure I don't miss deductions next tax season?+−
Track business expenses monthly rather than waiting until tax season, and work with a bookkeeper or tax professional throughout the year so deductions are identified as they happen, not missed after the fact.
