As tax season approaches, here’s a quick list of creative deductions business owners often overlook:

1. Online Advertising: Do you advertise on social media platforms like Facebook or Instagram? What about search engine ads, sponsored articles, or podcast sponsorships? These online expenses can qualify as “ordinary and necessary” business expenses under IRS guidelines.

2. Software and Subscriptions: Many business-related software tools are deductible. This includes cloud storage, video conferencing services, online payment processors, and even professional subscriptions like LinkedIn Premium. Be sure to account for these costs when itemizing deductions.

3. Business Travel: Attending conferences or traveling for work? To qualify as a deductible expense, the trip must involve at least one full day of work and cannot be lavish or personal. Deductible costs include hotel accommodations, airfare, car rentals, and shipping business materials.

4. Insurance Premiums: If your business requires insurance, those premiums may be deductible. Examples include vehicle insurance for company cars, key person insurance, malpractice insurance, and disaster insurance.

These are just a few examples to keep in mind. Make sure to discuss these and other potential deductions with your tax specialist to maximize your tax savings.

If you have questions about your overall financial strategy, our Team is here to help—don’t hesitate to reach out!