Small Business Tax Deductions You Might Be Missing

Introduction

Many small business owners miss out on valuable tax deductions simply because they're not aware of them. This comprehensive guide will help you identify deductions you might be overlooking.

Home Office Expenses

If you work from home, you can claim a portion of your household expenses:

• Heating and lighting
• Council tax
• Mortgage interest or rent
• Insurance
• Repairs and maintenance

Professional Development and Training

Investment in your skills and knowledge is tax-deductible:

• Course fees and training costs
• Professional memberships
• Industry publications and subscriptions
• Conferences and seminars

Technology and Equipment

Essential business technology can be claimed:

• Computer hardware and software
• Mobile phones and tablets
• Internet and phone bills
• Printers and office equipment

Travel and Transportation

Business-related travel expenses are deductible:

• Mileage for business trips
• Public transport costs
• Parking fees
• Accommodation and meals during business travel

Marketing and Advertising

Promoting your business is a legitimate expense:

• Website development and maintenance
• Social media advertising
• Business cards and promotional materials
• Networking events

Record Keeping Tips

To claim these deductions, you need proper records:

• Keep all receipts and invoices
• Maintain a business diary
• Use accounting software
• Separate business and personal expenses