05/11/2026
Are you claiming the deductions you deserve?
If you own your own business, you might want to consider these five deductions that could save you thousands.
1. Home Office Deduction: If you run your business from your residence, you can deduct a portion of your rent, mortgage interest, utilities, internet, and more.
2. Vehicle and Mileage: If you use your car for business purposes, you can deduct exact expenses like gas, insurance, repairs, and depreciation or use the IRS standard mileage rate.
3. Business Meals: If you take clients or prospects out for meals, or travel for business reasons, you may be able to deduct up to 50%. It’s crucial, however, to keep records of the date, place, attendees, and purpose of each meal.
4. Equipment and Supplies: Purchases like computers, software, furniture, machinery, and more can often be fully deducted in the same year of the purchase.
5. Retirement Contributions: You can deduct contributions to your employees’ retirement plans, and even your own if you’re self-employed.
Need help figuring out which deductions you can claim for your business? Give John J Griffin CPA P.C. a call today ☎️