Commonly Overlooked Business Deductions

Each year, many small businesses miss out on eligible deductions, leaving money on the table. Here are some commonly overlooked business deductions to consider:

• Home Office Deduction: if you’re using part of your home for business, you may be able to deduct related expenses like mortgage interest, property taxes, and utilities based on your office’s square footage.
• General Business Expenses: personal funds spent on business items like office supplies.
• Automobile Expenses: mileage and related expenses for business use of your personal vehicle.
• Communications Expenses: costs related to the business use of personal phones and internet.
• Personal Assets for Business Use: contributing personal assets to your business, like a computer, allows you to deduct the fair market value, subject to depreciation limitations.
• Imputed Interest on Shareholder Loans: if you loan money to your business, you need to charge interest. While that interest is income for you, your business can deduct the interest paid.
• Self-Employed Health Insurance: health insurance premiums for yourself and your dependents.
  
  If you think you’ve missed any deductions or have questions about your eligibility, lets connect and ensure you’re making the most of your business expenses!

Contact Matthew Tomko at mtomko@tomkocpa.com to learn more or connect with us at the link below.

Disclaimer: This blog is for informational purposes only and not intended to be taken as professional advice. Always consult a qualified professional for specific guidance. While we aim to keep information accurate and current with tax regulations, be sure to review guidelines annually for updates as they frequently change.