5 Tax Deductions Small Business Owners Miss

Most small business owners leave money on the table at tax time. Here are five deductions you may be overlooking.

1. Home office, done correctly

Use the simplified method or actual expense method. Either way, document the square footage and exclusive business use.

2. Business mileage

Track every trip from day one. A mileage app produces an audit-ready log automatically.

3. Self-employed health insurance

Above-the-line deduction. Often missed.

4. Section 179 expensing

Qualifying equipment placed in service this year may be fully deductible up to the annual cap.

5. Retirement contributions

A Solo 401(k) or SEP-IRA can shift a meaningful slice of income out of the current-year tax base.