Tax season is in full swing, and as your trusted accounting partner, we want to share some game-changing tax strategies that could save your business money. Whether you’re running a local shop or managing short-term rentals, these tips will help you maximize your deductions and minimize your tax burden.
1. Home Office Deductions: The Hidden Gem
Working from home? Don’t miss out on this valuable deduction. You can claim up to $5 per square foot of your home office space, up to 300 square feet. Just remember — this space must be used exclusively for business purposes. This is the simplified method, if you have more expenses or a larger office then track your actual expenses and use that method
2. Vehicle Expenses: Track Those Miles
If you’re using your personal vehicle for business, you’ve got options. You can either:
- Deduct actual expenses (gas, maintenance, insurance)
- Use the standard mileage rate Pro tip: Keep a detailed mileage log — your future self will thank you!
- EITHER way you will need to track your mileage.
3. Business Meals: The 100% Deduction
Here’s something many business owners miss: through 2025, business meals from restaurants are 100% deductible. This is a fantastic opportunity to combine business development with tax savings. This applies to Team Meetings and client dinners.
4. Quarterly Tax Planning
Don’t wait until tax season to think about your taxes. Regular check-ins can help you:
- Avoid surprise tax bills
- Optimize your cash flow
- Make strategic business decisions
- Take advantage of new tax laws
5. Technology Investments
Investing in new software or equipment? Section 179 allows you to deduct the full purchase price of qualifying equipment bought during the tax year.
The Bottom Line
Tax strategy isn’t just about filing returns — it’s about making informed decisions throughout the year that benefit your business’s bottom line. By implementing these strategies thoughtfully and maintaining good records, you’re setting your business up for long-term financial success. Remember, every dollar saved in taxes is another dollar you can reinvest in growing your business.
Smart tax planning is a year-round endeavor that rewards those who stay informed and proactive. As the business landscape continues to evolve, staying current with tax strategies can give your business the competitive edge it needs to thrive.