Top 10 Tax Deductions Small Businesses Often Overlook

Tax season can feel like a scramble for many small business owners. But what if you could turn that scramble into savings? At Streamlined Accountants, we specialize in helping businesses uncover every opportunity to keep more of what they earn. Here are ten commonly overlooked tax deductions that could make a big difference to your bottom line.

1. Home Office Deduction

If you use part of your home regularly and exclusively for business, you may qualify for the home office deduction—even if you're a remote-first company. This includes a portion of utilities, rent, mortgage interest, and more.

2. Business Use of Your Vehicle

Tracking mileage or vehicle expenses used for business purposes can lead to significant deductions. Don’t forget to log business-related trips, including visits to clients or the post office.

3. Startup Costs

Did you spend money getting your business off the ground? You may be able to deduct up to $5,000 in startup costs and another $5,000 in organizational expenses in your first year.

4. Continuing Education and Training

Courses, certifications, seminars, and even books related to your field can be deductible if they maintain or improve your skills.

5. Professional Services

Payments made to accountants, consultants, legal professionals, or marketing agencies like Streamlined are typically deductible as business expenses.

6. Software and Subscriptions

Monthly fees for cloud software (like QuickBooks, Slack, Canva, or project management tools) used to operate your business can often be deducted.

7. Bank Fees and Interest

Business-related bank charges, loan interest, or credit card interest may qualify—especially when clearly separated from personal finances.

8. Business Insurance

Premiums paid for liability insurance, property insurance, or even cyber insurance are often deductible.

9. Meals and Entertainment

While rules have tightened, you can still deduct 50% of qualified business meals with clients or team members, as long as the purpose is business-related and properly documented.

10. Bad Debts

If a customer owes you money and it becomes uncollectible, you may be able to deduct it as a business bad debt.

Why This Matters

Missing deductions means leaving money on the table. Streamlined Accountants takes a proactive approach to ensure your small business captures every legal deduction available. It’s not just about compliance—it’s about strategy.

Don’t Let Tax Season Catch You Off Guard

If you’re unsure whether you’re claiming all you can, our team is here to help. From real-time bookkeeping to year-round tax planning, Streamlined Accountants ensures your financials work for you—not against you.

Let’s make tax time a time of opportunity. Book a consultation with Streamlined today and discover what you’ve been missing.