Small business owners often face higher tax burdens, but there are countless deductions available to help reduce taxable income. Many entrepreneurs miss these opportunities simply because they don’t know about them—or aren’t sure how to claim them. A CPA can ensure you take full advantage of these savings while staying compliant with tax laws.
1. Home Office Deduction
If you use part of your home exclusively for business, you may qualify for the home office deduction. This includes a portion of your rent or mortgage, utilities, and even repairs. A CPA can calculate this accurately to avoid errors.
2. Vehicle Expenses
Do you use your car for business? You can deduct mileage, fuel, and maintenance costs. Whether you use the standard mileage rate or actual expenses depends on your situation, and a CPA can guide you to the best option.
3. Office Supplies and Equipment
Everything from pens and paper to computers and printers is deductible. Large equipment purchases may even qualify for accelerated depreciation under Section 179.
4. Employee Benefits
If you provide health insurance, retirement plans, or other benefits, these costs are deductible. A CPA can help you implement benefit programs that benefit both your employees and your tax situation.
5. Professional Services
Hiring experts, including CPAs, is tax-deductible. When you work with a CPA, not only do you benefit from expert tax preparation, but you also get to deduct the cost of their services.
Why Work with a CPA?
A CPA ensures you don’t miss deductions and helps you navigate the rules for each. For instance, incorrectly claiming a home office deduction could trigger an audit. Working with a professional reduces risk and maximizes savings.
Let us help your business thrive this tax season. Call us at 972-210-3467 to schedule a consultation today!
