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Tax season can be overwhelming for business owners and the self-employed, especially when it comes to getting all the deductions to which you're entitled. There are so many expenses involved in running a business, but the rules associated with what can and cannot be deducted are confusing. If your business deductions are greater than the standard deduction on your tax forms, you can potentially save money by using a business tax service.

Experienced accountants, like those at Hal Surratt CPA in Archdale, North Carolina, have extensive knowledge of the current federal, state and local tax regulations. Utilizing such a service helps ensure you're not missing any deductions for which you qualify.

According to the CPAs, many business owners and self-employed individuals are often wary of deducting certain expenses because they're unfamiliar with tax laws. Here are some of the most commonly overlooked tax deductions:

  • Business tax serviceHome Office: If you work from home full time or at least do some work from a home office, you qualify for many deductions. You can deduct office supplies, work-related technology like computers and printers, and even items like job-related newspapers and magazines. You should also measure your office space because you can deduct the price of the square footage of the space from your mortgage.

  • Vehicle Expenses: If you use your car for business trips, you have another opportunity for a deduction. The payments, insurance, repairs and maintenance on a vehicle that's used solely for business are entirely deductible. However, an automobile that also serves as a personal vehicle usually qualifies for a partial deduction. Always keep track of your mileage because you'll be able to deduct the cost of business meetings and trips.

  • Cell Phone, the Internet & Utilities: If you conduct business calls using your personal cell phone, a percentage of your monthly bill could be utilized for a deduction. The same goes for home internet usage that is also used for business tasks. In addition to the obvious monthly bills, you can also deduct a portion of your electricity, water, trash, and any other bills associated with running your household.

Avoid missing tax deductions by hiring a tax accountant who offers business tax services. Hal Surratt CPA has provided tax preparation services to business owners in and around Archdale, North Carolina, and they take pride in their ability to find their clients often overlooked deductions. Contact the team to make your tax season stress-free by calling (336) 861-4024, and learn more about their accounting and business consulting services on their website.

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