As a small business owner, every dollar counts—especially during tax season. While you’re busy running your business, it’s easy to overlook deductions that could save you hundreds or even thousands of dollars. Knowing which expenses qualify can make a big difference in your bottom line.
Home Office Deduction
If you use part of your home exclusively for business, you may qualify for a home office deduction. This can cover a portion of your rent or mortgage, utilities, and even maintenance costs for that space.
Vehicle Expenses
Do you drive for business purposes? You can deduct mileage, gas, insurance, maintenance, and even depreciation on your business vehicle. Just remember—accurate mileage logs are key to supporting this deduction.
Business Supplies and Equipment
From office supplies to technology upgrades, these costs can add up quickly. Many business-related purchases are fully deductible in the year they’re made.
Professional Services
Fees paid to accountants, lawyers, consultants, and other professional services are tax-deductible. Partnering with a local accounting firm not only ensures compliance but also helps you uncover more opportunities for savings.
Marketing and Advertising
Whether you invest in a new website, social media ads, or print materials, marketing expenses are generally deductible. Keeping track of these costs can help offset your taxable income.
Employee Benefits and Retirement Plans
Contributions to employee health plans or retirement accounts can be deducted, providing tax advantages while also supporting your team.
Want to make sure you’re not leaving money on the table this tax season?
Contact CFO Financial today for Tax Preparation Services in Chandler, AZ tailored even to small businesses. We’ll help you find deductions you might be missing and keep your finances on track year-round.