Tax Deductions Every Business Owner Should Know

Jul 27, 2023

What I am about to share with you will save you a LOT of cash, headaches and frustrations. You can leverage our tax code to dramatically reduce your tax bill. Clients pay me to find strategies for their business that will allow them to minimize their taxes. My 3 favorite tax deductions that I see many business owners not taking are:

  1. Deducting your Meals – if you are going out with customers, mentors or coaches, you can deduct 50% of the costs you paid for these meals. Make sure to keep your receipts and document your business purpose.
  2. Writing off your vehicle – whether you already own a vehicle or need one for your business, you can save a lot of money by writing it off as a business expense. You can choose to track and deduct your mileage or you can deduct a business percentage of your actual vehicle expenses. Choose the strategy that gets you the biggest tax deduction. Remember to keep records of your miles and your expenses. If you’re thinking about getting a new vehicle, consider one that weighs over 6,000lbs so that you can potentially deduct 100% of the cost under code section 179.
  3. Look at expenses you are already incurring in your personal life that are in fact “ordinary and necessary” for your business. I guarantee that you will find more income tax deductions just by looking closely at every dollar that you spend and asking yourself “Is this expense ordinary and necessary for my business?”. Work with your tax advisor to analyze your expenses and find more tax deductions without spending an extra penny.

I have a few appointments available in August so if you’d like me to review your tax returns and look for deduction oppotunities you might be overlooking, sign up now before they are all gone.

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Some expenses are deductible whether or not you use your home for business. Others are deductible only if the home is used for business. Download your FREE guide to find out!

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