Taxes can be one of the biggest expenses for small businesses, but knowing which deductions you qualify for can significantly reduce your tax burden. At Aretera Corporation, we help business owners take full advantage of available deductions while staying compliant with tax laws.
Here are some of the most valuable tax deductions every small business should know about.
1. Home Office Deduction
If you use part of your home exclusively for business, you may qualify for the home office deduction. This can include rent, mortgage interest, utilities, and maintenance costs.
✅ How We Help: We determine the best method for calculating this deduction—whether using the simplified method (a standard deduction per square foot) or the actual expense method (a percentage of home-related expenses).
2. Business Vehicle Expenses
If you use your vehicle for business purposes, you can deduct mileage, fuel, insurance, maintenance, and even depreciation.
✅ How We Help: We track and calculate your business mileage correctly so you don’t miss out on deductions while ensuring compliance with IRS guidelines.
3. Office Supplies and Equipment
Expenses for office supplies, furniture, and technology (like computers and printers) are deductible. Some larger purchases may also qualify for Section 179 depreciation, allowing you to deduct the full cost in the year of purchase.
✅ How We Help: We ensure you categorize purchases correctly so you can deduct them properly.
4. Employee Salaries and Benefits
If you have employees, wages, salaries, bonuses, and benefits like health insurance and retirement contributions are deductible.
✅ How We Help: We handle payroll and ensure deductions are maximized while staying compliant with tax laws.
5. Marketing and Advertising Costs
Expenses related to promoting your business—such as social media ads, website development, business cards, and sponsorships—are all tax-deductible.
✅ How We Help: We help you properly classify and track these expenses to ensure you receive the full deduction.
6. Professional Services
If you hire professionals—such as accountants, lawyers, or consultants—those fees are deductible.
✅ How We Help: Our accounting services are fully deductible, meaning you’re not just getting expert financial help—you’re also reducing your taxable income!
7. Business Travel and Meals
Expenses for business-related travel, including flights, hotels, and transportation, are deductible. Business meals with clients or team members are 50% deductible under IRS rules.
✅ How We Help: We ensure you track expenses correctly and stay within IRS guidelines.
8. Insurance Premiums
Business-related insurance—such as liability insurance, business interruption insurance, and workers’ compensation—is deductible.
✅ How We Help: We help categorize these expenses properly to reduce your taxable income.
9. Retirement Contributions
Contributions to SEP IRAs, SIMPLE IRAs, and 401(k) plans for you and your employees are tax-deductible.
✅ How We Help: We assist in setting up tax-advantaged retirement plans to maximize deductions.
10. Loan Interest and Bank Fees
Interest on business loans, credit cards, and lines of credit is deductible, as are bank fees related to your business account.
✅ How We Help: We ensure these expenses are recorded correctly so you don’t miss out on deductions.
Make the Most of Your Deductions with Expert Help
Maximizing deductions can save your business thousands of dollars, but it requires careful record-keeping and knowledge of changing tax laws. At Aretera Corporation, we ensure you get every deduction you’re entitled to while keeping your business tax-compliant.
Don’t leave money on the table—schedule a free consultation today to optimize your tax strategy!
Disclaimer:
The information provided in this article is for general informational purposes only and is not intended as professional advice. Our firm makes no guarantees about the accuracy or applicability of the information. For specific advice related to your situation, please contact us directly. We are not liable for any decisions made based on the content of this article.
