5 Tax Deductions Rochester Small Business Owners Often Miss
As Enrolled Agents at Redwood Tax and Consultants LLC, we've seen many Rochester small business owners overlook valuable tax deductions. Here are five you should know about:
Home Office Deduction: If you use part of your home exclusively for business, you may qualify. This is especially relevant for many Rochester entrepreneurs working from home.
Vehicle Expenses: Whether you're delivering products in Irondequoit or meeting clients in Pittsford, you can deduct vehicle expenses related to business use.
Professional Development: Attended a workshop at RIT or took an online course? Educational expenses to improve your business skills are deductible.
Health Insurance Premiums: Self-employed individuals can often deduct health, dental, and long-term care insurance premiums.
Retirement Contributions: Contributions to a SEP IRA, SIMPLE IRA, or solo 401(k) can significantly reduce your taxable income.
Remember, proper documentation is key. We can help ensure you're maximizing your deductions while staying compliant with IRS regulations
