When tax season rolls around, every business owner starts looking for ways to minimize their tax bill and keep more of their hard-earned money. Knowing which business tax deductions you can claim is key to ensuring you’re not overpaying. While office supplies are a given, there are several other deductions that might surprise you and significantly reduce your taxable income.
Whether you’re a seasoned entrepreneur or just starting out, these deductions can make a real difference in your bottom line. In this post, we’ll break down 11 essential business tax deductions you should consider claiming on your taxes this year. Taking advantage of these deductions can help you lower your tax liability and reinvest those savings back into your business.
Pro Tip: Don’t forget to check out our 2024 Business Tax Prep Checklist for a smooth tax season.
💡 Here's other things you might be able to claim on your taxes
- ✅ Retirement Plan Contributions
- ✅ Health Insurance Premiums
- ✅ Marketing Your Business
- ✅ Business-Related Insurance Premiums
- ✅ Legal and Professional Services
- ✅ Home Office Deductions
- ✅ Auto Expenses Related to Your Business
- ✅ Office Supplies
- ✅ Licensing and Taxes
- ✅ Your Cell Phone
- ✅ Self-Employment Tax
Need Help?
Taxes can be tricky, but they don’t have to be. Let’s talk about your specific tax needs and find every business tax deduction you’re eligible for. Schedule a free consultation today, and let’s make tax season as stress-free as possible.