The Most Missed Small Business Tax Deduction

As an entrepreneur it’s important to make sure you’re not missing out on a small business tax deduction you qualify for, right? That’s why I’m sharing a commonly missed tax savings. I want to make sure you’re aware of this deduction, how to record it so you can qualify for it, and stay within the IRS guidelines.

You can watch today’s video all about the most missed tax deduction online or down below:

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Are currently taking the auto expense deduction for your small business? All of those trips to meetings, supply stores, conferences, and more could really add up. Another option is that you could qualify for actual auto expenses. That means gas, oil changes, tires, and more. In the video I shared the difference between the standard mileage rate and taking actual expenses. That way you can make sure you know which one would benefit you most.

Don’t forget the most important take away – recordkeeping for your auto expense deduction. Whether you’re opting to take the standard mileage rate or actual expenses, you need good records. The IRS requires records to be kept, which means if you’re ever audited then you can easily prove your business tax deduction. In my business, I love being able to access my expense history and my mileage record from anywhere. So I track actual expenses in QuickBooks Online under the auto category and I track my mileage in a spreadsheet in Google Drive.

To help you not miss out on this business tax deduction, be sure to grab our Bookkeeping Checklist. This guide will teach you how to track all of your expenses and stay on top of all your bookkeeping tasks so you don’t miss out.

Need more help with your small business strategy? Check out my latest posts HERE! Also, don’t forget to watch my latest business videos over on Youtube.