Think you’re keeping every dollar you’re entitled to at tax time? You might want to think again. Many business owners—smart, successful, seasoned entrepreneurs like yourself—are leaving money on the table simply because they don’t know which expenses they can deduct. And let’s be real: the IRS isn’t in the business of reminding you.
The good news? These deductions are completely legal, totally legitimate, and yours for the taking as long as you claim them. At Insogna CPA, we specialize in helping business owners maximize tax savings, streamline bookkeeping, and stay ahead of IRS regulations. Let’s go over 10 deductions that could be putting more money back in your business.
1. Home Office Expenses
Running part of your business from home? That space isn’t just a great productivity zone. It’s a tax deduction waiting to happen.
What you can write off:
- A portion of your rent or mortgage
- Utilities, internet, and maintenance costs
- Office furniture and equipment
The IRS has strict guidelines, so the space must be used exclusively for business. A small business CPA in Austin can help determine if you qualify and which method (simplified or actual expenses) benefits you most.
2. Vehicle Mileage and Business Travel
If you’re driving for business, you’re spending money and the IRS owes you a break.
You can deduct:
- Business-related mileage (calculated at the IRS standard rate)
- Gas, maintenance, insurance, and depreciation (if you choose the actual expense method)
- Travel costs, including flights, hotels, and even Uber rides to meetings
Pro tip: A CPA in Austin, Texas can help you track and document mileage properly to avoid issues with the IRS.
3. Startup Costs
Getting a business off the ground isn’t cheap, but did you know the IRS lets you deduct up to $5,000 in startup expenses?
Qualifying expenses include:
- Legal fees for forming an LLC or corporation
- Branding and marketing
- Market research and consulting fees
If you spent more than $5,000 before officially launching, don’t worry. Those costs can still be amortized over time. A Austin tax accountant can help you structure your deductions to get the most benefit.
4. Professional Development and Education
Investing in yourself isn’t just smart. It’s tax-deductible.
What qualifies:
- Industry-related courses and certifications
- Conferences, trade shows, and networking events
- Business books and educational subscriptions
The IRS requires the education to be related to your current business (no, your dream to become a chef doesn’t mean that cooking class is deductible). A tax advisor in Austin can confirm what qualifies.
5. Marketing and Advertising Costs
Marketing isn’t just an expense. It’s a growth strategy. And, luckily, it’s 100% deductible.
Covered expenses include:
- Digital ads (Google, Facebook, Instagram)
- Website development and hosting
- Business cards, logos, and sponsorships
Keeping detailed records of marketing expenses ensures you get the full deduction. A CPA firm in Austin, Texas can help track and categorize them correctly.
6. Legal and CPA Fees
Think of your accountant and attorney as silent partners in your business success and the best part? Their fees are deductible.
This includes:
- Business-related legal consultations
- Contract reviews and compliance work
- Tax preparation and bookkeeping services
If you’re working with an Austin accounting firm, their fees can be written off as a necessary business expense.
7. Software and Subscriptions
Your business runs on software, and those monthly fees add up but they’re also fully deductible.
What qualifies:
- QuickBooks, CRM platforms, and project management tools
- Cloud storage services like Dropbox or Google Drive
- Industry-specific apps and software
Not sure what counts? A small business CPA in Austin can review your subscriptions and ensure you’re maximizing this deduction.
8. Business Meals and Entertainment
Taking a client to lunch? Catching up with a potential partner over dinner? You can write off 50% of the cost, but there are rules.
To qualify:
- The meal must be directly related to business
- You need to keep receipts and note the purpose of the meal
A CPA in Austin, Texas can help you track these expenses without raising red flags with the IRS.
9. Retirement Plan Contributions
One of the most powerful tax deductions available is one that also builds your future wealth: your retirement plan.
Eligible deductions:
- Contributions to a SEP IRA, Solo 401(k), or SIMPLE IRA
- Employer contributions for employees’ retirement plans
If you’re self-employed, a tax advisor in Austin can help maximize contributions and lower your taxable income.
10. Insurance Premiums
You’re probably paying for multiple types of insurance but are you deducting them?
What you can write off:
- Business liability insurance
- Property and equipment coverage
- Health insurance premiums (for yourself or employees)
Many business owners forget about this one, leaving money behind. A CPA firm in Austin, Texas can ensure these costs are properly accounted for.
Are You Missing Out on Tax Savings? Let’s Fix That.
If you’re not claiming every deduction you’re entitled to, you’re paying more in taxes than you need to and that’s money better spent growing your business.
At Insogna CPA, we specialize in maximizing deductions, optimizing bookkeeping, and keeping business owners compliant. Whether you need an Austin tax accountant, a CPA firm in Austin, Texas, or an Austin accounting service to handle the details, we’re here to help.
Let’s make sure you keep more of what you earn. Schedule a consultation today.