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  • Michael J. Conard, Jr. EA

Top 10 Tax Deductions Small Businesses Often Overlook

When it comes to running a small business in De Pere, every dollar counts. One way to maximize your earnings is by taking advantage of tax deductions. However, many entrepreneurs are unaware of the various deductions available to them. In this blog post, we'll explore the top 10 tax deductions that small businesses often overlook.


#### 1. Home Office Deduction

If you operate your business from home, you may be eligible for a home office deduction. This can include a portion of your rent, utilities, and even property taxes. However, the space must be exclusively used for business purposes to qualify.


#### 2. Vehicle Expenses

Whether you're driving to client meetings in Green Bay or delivering products, your vehicle expenses can add up. You can either deduct the actual expenses or use the standard mileage rate provided by the IRS.


#### 3. Professional Fees

Legal and accounting fees are often necessary for tax preparation. These costs can be fully deductible, so don't forget to include them when filing your taxes.


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#### 4. Advertising and Marketing

Investing in advertising is crucial for business growth. Whether it's online ads or traditional billboards, these expenses are 100% deductible.


#### 5. Employee Benefits

If you offer benefits like health insurance or retirement plans, these costs can be deducted. This not only helps in employee retention but also reduces your taxable income.


#### 6. Office Supplies and Equipment

From computers to paperclips, the cost of office supplies can accumulate. Fortunately, these are deductible expenses. If you're in De Pere, consider shopping locally to support other small businesses.


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#### 7. Business Travel

If your business requires you to travel, those expenses can be deducted. This includes airfare, lodging, and even meals. However, the trip must be primarily for business purposes.


#### 8. Education and Training

Investing in your employees' skills is beneficial for your business. Whether it's a workshop in Green Bay or an online course, these costs can be deducted.


#### 9. Bad Debts

If you've provided goods or services that haven't been paid for, you may be able to write off these bad debts. However, this only applies to accrual-based accounting methods.


#### 10. Utilities

Electricity, phone, and internet services are essential for tax preparation. These utility bills are deductible, so make sure to keep track of them.


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In conclusion, taking advantage of these often-overlooked tax deductions can significantly reduce your taxable income and increase your bottom line. If you're unsure about how to apply these deductions, it's always a good idea to consult with a CPA specializing in small business taxation.


By being proactive and informed, you can make the most of the tax benefits available to small businesses in De Pere and Green Bay. Remember, proper tax preparation is key to maximizing your deductions and ensuring a successful tax season.

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