As a small business owner in Austin, Texas, you work hard for every dollar you earn. But are you keeping as much of it as you can? Maximizing your tax deductions isn’t just smart—it’s essential for growing your business and improving your bottom line. If you’ve ever wondered whether you’re taking full advantage of the deductions available to you, you’re in the right place. Let’s walk through 7 actionable strategies to help you keep more of what you earn.
1. Are You Using the R&D Tax Credit?
If your business invests in creating new products, improving processes, or developing software, you could qualify for the Research & Development (R&D) tax credit. It’s a powerful way to lower your tax bill, but many small businesses overlook it.
Pro Tip: Even if you’re not in a tech-heavy industry, this credit could apply to you. At Insogna CPA, we specialize in helping businesses across Austin and Round Rock, TX, navigate this opportunity.
2. Structuring Compensation to Save on Taxes
How you pay yourself and your employees can make a big difference in your tax liability. Balancing a reasonable salary with dividends can help reduce taxes while staying compliant with IRS rules.
Pro Tip: Our small business CPA services in Austin can tailor a compensation strategy that works best for your business and financial goals.
3. Is Your Real Estate Lease Optimized?
If you rent office or retail space in South Austin or elsewhere, you could be missing deductions hidden in your lease agreement. Expenses like property taxes, maintenance fees, and utilities may qualify.
Pro Tip: Let our Austin CPA firm review your lease to ensure you’re maximizing your deductions.
4. Don’t Overlook the Home Office Deduction
Working from home? The home office deduction allows you to claim a portion of your rent, utilities, and internet costs, but only if you meet specific requirements.
Pro Tip: Our Austin accounting services will help you calculate this deduction correctly, ensuring compliance with IRS rules.
5. Are You Tracking Vehicle Expenses?
If you’re using your car for business, you can deduct mileage, gas, repairs, and insurance. The IRS offers two options:
- Standard Mileage Rate: Easier to calculate.
- Actual Expenses: Requires more documentation but often yields a larger deduction.
Pro Tip: We’ll help you choose the method that saves you the most money.
6. Investing in Continuing Education? Deduct It!
Courses, certifications, and conferences related to your business are tax-deductible. You can even write off travel costs and materials as long as they directly support your business goals.
Pro Tip: Our Austin, TX CPA firm ensures your education expenses are correctly documented and maximized.
7. Are You Contributing to a Retirement Plan?
Saving for retirement isn’t just good for your future—it’s great for your taxes. Contributions to plans like SEP IRAs, SIMPLE IRAs, or Solo 401(k)s can significantly reduce your taxable income.
Pro Tip: We’ll help you choose the right retirement plan for your business and integrate it into your tax strategy.
Why Work with Insogna CPA?
Navigating tax deductions on your own can be overwhelming. That’s where we come in. As one of the most trusted Austin, TX CPA firms, we help small business owners like you across Austin, South Austin, and Round Rock, TX, maximize deductions while staying compliant.
- ✅ Expert Advice: We know the ins and outs of tax deductions for small businesses.
- ✅ Personalized Strategies: We create tailored plans for your unique needs.
- ✅ Year-Round Support: Taxes shouldn’t just be a once-a-year stressor—we’re here for you every step of the way.
Ready to Keep More of What You Earn?
At Insogna CPA, we’re passionate about helping small businesses succeed. From maximizing deductions to proactive tax planning, we’re here to make your financial life easier.
📞 Schedule a strategy session with Insogna CPA today and discover how much you can save this tax season.