Are You Missing Out On Deductions For Your Small Business?

The Section 162 of the Tax Code defines a business expense as anything ordinary and necessary. This means that any expenses you've incurred related to your business are deductible as a business expense. This sounds simple, but there are actually several expenses that taxpayers miss each year, because they don't think of it and their tax preparer failed to ask them about it. Often this is because there is a personal component to the expense or there was no cash paid by the business. Here is a non-exhaustive list of commonly missed business expense deductions.:

1. Business Use of Cellphone

2. Purchase and/or use of a laptop, computer, or tablet for business

3. Home office expenses

   1. Utilities

   2. Real-estate taxes

   3. Mortgage interest

   4. Home owner's insurance

4. Business mileage (often due to a lack of proper tracking)

5. Expenses incurred prior to officially starting your business (assuming you started your business) are deductible