Alternatively, you may be able to itemize auto expenses such as vehicle maintenance costs and a depreciation deduction on the cost of your car. If you drive your car for work reasons, you can likely deduct the IRS per-mile rate from your tax bill. Think supplies, tools, devices, software, certification fees, postage, internet services and trade journal subscriptions. You may be able to deduct several business purchases from your tax bill. Alternatively, if you own your home, you can calculate depreciation for your home office. If you qualify for a home office tax deduction, you can shave a percentage of your rent off your tax bill. You could be entitled to deductions from your property taxes, mortgage interest, homeowner’s insurance, home office expenses and certain utilities. If you work from home, drive your car for business purposes, or have advertising costs, our guide on home office tax deductions is for you. Home Office Tax Deductions for Remote Workers

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1Īs the 2023 tax season approaches (the filing deadline is April 18), we’ve put together a hub of five resources to help you get a grip on your taxes, hire a good-fit accountant, and make filing your return easier. Many of these business owners make mistakes: Twenty-eight percent have been audited by or received a notice from the IRS. Although managing payroll and HR can fill nearly 40 hours a month, 40% of small business owners handle their own finances and accounting.

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