Tax season is stressful, but it's even worse when you realize you've left money on the table. Here are 10 commonly overlooked deductions you should be tracking.
1. Home Office Expenses
If you work from home, you can claim a portion of your utilities, internet, and even rent/mortgage interest based on the square footage of your office space.
2. Software Subscriptions
Don't forget the monthly fees for apps like Slip-Scan, Xero, Slack, or Adobe Creative Cloud. These are 100% deductible business expenses.
3. Bank Fees
Monthly service charges, overdraft fees, and wire transfer fees on your business account add up over a year.
4. Vehicle Expenses
Beyond just gas, don't forget car washes, parking fees, tolls, and servicing costs if the vehicle is used for business.
5. Professional Development
Courses, books, seminars, and workshops related to your industry are deductible. Investing in yourself saves you tax.
6. Startup Costs
Did you buy a domain name or pay for incorporation before you officially launched? You can often amortize these startup costs.
7. Business Meals
Meeting a client for lunch? Generally, 50% of the cost is deductible. Make sure to note who you met with on the receipt.
8. Office Supplies
Small items like printer paper, pens, and staples are often paid for with cash and the receipts get lost. Scan them immediately!
9. Phone Bill
If you use your personal phone for business, a percentage of that bill is a valid business expense.
10. Bad Debt
If a client never paid you and you've already recorded the income, you can write off that uncollectible amount.
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