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Are You Making the Most of Your Tax Deductions?

January 4, 2019

Now that the new year has arrived, it’s time to ask whether you’re making the most of your small business tax deductions. Lots of small business owners itemize their deductions, but not every business owner gets their full possible refund. At Halon Tax, we help our clients maximize their tax deductions. We take the most aggressive possible approach so that you can save the most money. We’ve listed some of the most overlooked small business tax deductions below. Have you overlooked any of these?

Track Vehicle Expenses

Do you use your vehicle for business-related uses other than driving to work? If so, you can deduct some gas money and vehicle maintenance expenses. So what counts as work-related vehicle use? If you drive anywhere to meet up with a client, it counts. If you drive your car to pick up items for work, it also counts. Basically, if you took a trip for any job-related purpose, you can take vehicle tax deductions. Start by tracking your work miles. You might be surprised by just how much time you spend in the car for work.

Don’t Overlook Education

Next, remember that virtually all of your work-related education counts as a tax deduction. A lot of small business owners understand this deduction when it comes to classes. However, did you know that you can also deduct the costs of workshops and seminars, too? Even buying a book that helps you learn more about your field qualifies as a tax deduction. If you made an effort to become more knowledgeable this past year, you should be rewarded for it. Reward yourself by saving money during tax season.

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Small Deductions Add Up

Sometimes, small business owners miss out on major deductions because they forget about the small things. Sure, that pack of sticky notes didn’t cost you much by itself, but all of those little purchases do add up. When you’re looking for small business tax deductions, it’s important to think long-term. Start saving the receipts for all of the little things, especially office supplies. Depending on your type of business, you might see some serious savings.

Small Business Tax Deductions

Looking for more help with your small business taxes? Let Halon Tax take care of it. Our software and CPAs will help you get the biggest deduction, all while making your tax process easier. Want to take all the frustration out of your taxes this year? Then get in touch with us today.

Amy Schwende

Amy is a tax attorney with 10 years of public accounting experience. She has served a wide range of clients throughout her career with a focus on S corporations, partnerships, and their owners. In her free time she enjoys biking, reading, and spending time with her family.

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