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6 Overlooked Tax Deductions for Small Businesses

Small Business Tax Deductions from The Startup Garage

We found out that startups and small businesses breath a bit easier this tax season if they utilize some often overlooked tax deductions. Take a look and see if any can apply to you – the more you can save today, provides more you can use for yuor business tomorrow. The top 6 deductions are laid out below, thanks to an article over at CBSNEWS:

  1. Health care tax credit. Businesses with 10 or fewer employees that average less than $25,000 annually are eligible for a tax credit of up to 35 percent.
  2. Depreciation on a business vehicle. Fuel and maintenance costs of your car or truck are 100 percent deductible if you can claim that the vehicle is used exclusive for your small business.
  3. Business travel expenses. You can claim all of the costs of out-of-town business travel — that includes the plane ticket, meals, and hotel room.
  4. Home office deduction. This is often considered a risky deduction due to its reputation as an audit magnet, but the reality is that virtually all small business owners can take a deduction for a home office space — that includes treating a percentage of Internet and phone bills as deductible expenses.
  5. Professional fees and classes. Any fees you pay to maintain your career are deductible. That includes costs for classes, seminars, training, certificates, and membership fees in professional organizations.
  6. Retirement tax credit. You can get a credit on the first $2,000 that you invest in your retirement fund.


Whether you have a question about Overlooked Tax Deductions, or you’d like to discuss our business plan writing services, feel free to contact us for a free consultation!