One of the biggest opportunities to reduce your tax burden is maximizing legitimate business deductions. Many business owners leave money on the table.

Common deductions to review:

Home Office – Dedicated space used exclusively for business. Use the Actual Method and deduct 20% of home expenses or the Simplified Method ($5/sq ft, max 300 sq ft).

Vehicle Expenses – Track business mileage. Deduct either actual expenses or standard mileage rate.

Professional Services – Accounting, legal, consulting, and bookkeeping fees are fully deductible.

Equipment & Technology – Computers, software, and office furniture can be deducted immediately (Section 179) or depreciated.

Health Insurance – Self-employed health insurance premiums reduce your adjusted gross income.

Retirement Contributions – SEP-IRA and Solo 401(k) contributions are deductible and reduce self-employment tax.

Education & Training – Business-related courses and certifications maintain or improve skills needed for your business.

Meals & Entertainment – 50% of business meal expenses are deductible.

Travel – Lodging, airfare, and ground transportation for business trips are fully deductible.

Supplies & Materials – Office supplies and materials used in your business are deductible.

The key: Keep detailed records and receipts. If you can’t document it, you can’t deduct it. Work with a tax professional to maximize deductions without crossing into aggressive territory.

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