Top 6 Missed Tax Deductions for Business Owners

💼The home office deduction allows business owners to deduct a portion of their home expenses as a business tax deduction.

💰Self-employed individuals can deduct their health insurance premiums, reducing the amount of income tax they pay.

💼Business owners can avoid self-employment tax by electing S Corp status, saving thousands of dollars in taxes.

💸Contributions to tax-deferred accounts, such as traditional IRAs and solo 401ks, create tax deductions and lower your taxable income.

🏢Deducting tangible business assets, like vehicles and equipment, can save you thousands of dollars in taxes through depreciation.

🍽️Business meal expenses with a business contact are deductible, as long as there is a business topic discussed.

Can I deduct my home office expenses as a business owner?

—Yes, the home office deduction allows business owners to deduct a portion of their home expenses as a business tax deduction.

Are health insurance premiums deductible for self-employed individuals?

—Yes, self-employed individuals can deduct their health insurance premiums, reducing the amount of income tax they pay.

How can I avoid self-employment tax as a business owner?

—You can avoid self-employment tax by electing S Corp status, saving thousands of dollars in taxes.

Are contributions to tax-deferred accounts deductible?

—Yes, contributions to tax-deferred accounts, such as traditional IRAs and solo 401ks, create tax deductions and lower your taxable income.

Can I deduct the cost of business assets, like vehicles and equipment?

—Yes, deducting tangible business assets, like vehicles and equipment, can save you thousands of dollars in taxes through depreciation.

Are business meal expenses deductible?

—Yes, business meal expenses with a business contact are deductible, as long as there is a business topic discussed.

01:35The home office deduction is the most missed tax deduction for business owners, allowing them to deduct a portion of their home expenses as a business tax deduction.

06:27Health insurance premiums are often overlooked as a deductible expense for self-employed individuals, reducing the amount of income tax they pay.

07:57Business owners can save thousands of dollars in taxes by avoiding self-employment tax through S Corp status.

11:54Contributions to tax-deferred accounts, such as traditional IRAs and solo 401ks, create tax deductions and lower your taxable income.

13:44Deducting tangible business assets, like vehicles and equipment, can save business owners thousands of dollars in taxes through depreciation.

13:47Business meal expenses with a business contact are deductible, as long as there is a business topic discussed.