Top 10 Tax Deductions Small Businesses Often Miss

Running a small business can be challenging, but don’t let unclaimed tax deductions cost you money. Many small business owners overlook valuable deductions that could significantly reduce their tax bills. At Accounting Wise, we’ve compiled a list of the top 10 tax deductions small businesses often miss to help you maximise your savings.

1. Home Office Expenses

If you work from home, you can claim a portion of your household expenses, such as rent, mortgage interest, utilities, and internet, based on the percentage of your home used exclusively for business purposes.

Tip: Keep detailed records of your workspace size and expenses.

2. Mileage and Vehicle Expenses

Do you use your car for business purposes? You can deduct mileage, fuel, insurance, and maintenance costs. Just ensure you maintain accurate records of business-related travel.

Tip: Use an app to track mileage for easy record-keeping.

3. Professional Services

Fees paid to accountants, legal advisors, or consultants are fully deductible as long as they are related to your business.

Tip: Retain all invoices and agreements as proof of professional services rendered.

4. Marketing and Advertising Costs

From social media ads to printing business cards, marketing expenses are often deductible. This includes website hosting, email marketing software, and promotional events.

Tip: Categorise your marketing spend for easier tracking and reporting.

5. Training and Education

Investing in your skills or your team’s development can be deducted as long as the training relates directly to your business. This includes courses, certifications, and even trade show attendance.

Tip: Save receipts and course syllabuses for documentation.