5 Hidden Tax Breaks Every Small Business Owner Should Know About

Not fully aware of valuable tax reductions? As a small business owner, here are five common deductions you may not be leveraging

1. Home Office Deduction
   Working from home allows you to deduct a portion of your rent, utilities, and internet costs. To qualify, the space must be used exclusively and regularly for business purposes, such as a dedicated home office. As long as the home office meets requirements, you can take advantage of valuable tax deductions that can significantly lower your taxable income, making your work-from-home setup even more cost-effective.

2. Mileage & Travel Expenses

   Regularly incur mileage, parking fees, and tolls? As long as these are business expenses, they are fully deductible! Tools like MileIQ can help you track mileage automatically, while keeping records of parking fees & tolls ensures you're capturing all possible deductions.

3. Educational Expenses
   Courses, seminars, or certifications that enhance your skills or knowledge for your business may qualify as deductions.

4. Marketing & Advertising Costs

   From digital ads to website development, marketing expenses are deductible—don’t forget software subscriptions used for promotions

5. Qualified Business Income (QBI) Deduction
   Under Section 199A, you may be able to deduct up to 20% of your qualified business income. This deduction is subject to various limitations and thresholds, so it's advisable to consult with a tax professional to determine your eligibility