OUR CLIENTS SAY IT BEST
HIGHLIGHTED PARTNERS
Website Design By Sharpshell Digital
© Copyright 2024 | Overdrive Accounting Services, LLC | All Rights Reserved
Tax season is just around the corner, and for small business owners, it’s the perfect time to review the top deductions that could save you money. Many businesses overlook valuable deductions, but with the proper guidance, you can lower your taxable income and keep more of your hard-earned cash. Here are the essential deductions to know for 2025.
1. Home Office Deduction
You might qualify for the home office deduction if you work from home. Expenses like rent, utilities, and home repairs related to your office space are partially deductible. To qualify, your office must be used exclusively for business purposes.
2. Business Equipment and Supplies
The cost of necessary equipment, such as computers, software, and office supplies, can be deducted. Larger purchases may qualify for the Section 179 deduction, which allows you to deduct the entire cost in the year of purchase.
3. Vehicle Expenses
If you use your vehicle for business purposes, you can deduct costs like fuel, maintenance, and insurance. You can also use the IRS’s standard mileage rate. Keep accurate records to maximize this deduction.
4. Employee Salaries and Benefits
Wages paid to employees and benefits like health insurance and retirement contributions are deductible. This includes contractors’ fees if you issue them a 1099.
5. Marketing and Advertising
All costs related to promoting your business are deductible. This includes website design, online ads, and even business cards.
Key Deductions at a Glance
Here are additional deductions that can save your business money:
How Overdrive Accounting Services Can Help
Navigating tax deductions can be complex, but Overdrive Accounting Services is here to simplify the process. Our team stays updated on the latest tax laws to ensure you maximize every deduction. We also offer bookkeeping and payroll services, helping you stay organized year-round.
Check out our other blogs on payroll management and bookkeeping tips.
Schedule Your Free Consultation
Let us handle your taxes so you can focus on growing your business. Schedule a free consultation today and let Overdrive Accounting Services help you maximize your deductions for 2025.
Website Design By Sharpshell Digital
© Copyright 2024 | Overdrive Accounting Services, LLC | All Rights Reserved