6 Commonly Missed Business Tax Deductions That Could Save You $1,000s

Every year, entrepreneurs leave thousands of dollars on the table by overlooking legitimate tax deductions.

Let's explore (6) six commonly missed business tax deductions that could help keep more money in your pocket this year.

One of the most valuable yet commonly overlooked tax breaks is the home office deduction. If you use part of your home regularly and exclusively for business, you may qualify for this deduction—even if your business isn't based entirely at home.

To claim this deduction, your home office must be used:

Deduct $5 per square foot of your home used for business (maximum 300 square feet).

Example: A 10×12 foot office (120 sq ft) would give you a $600 deduction.

Calculate the percentage of your home used for business, then apply that percentage to actual expenses.

Example: If your office takes up 10% of your home, you can deduct 10% of your mortgage interest, insurance, utilities, repairs, and depreciation.

Do you use your car for business purposes? Many entrepreneurs don't realize they can deduct these expenses, or they don't track them properly. Whether you're visiting clients, picking up supplies, or traveling between work locations, these trips may be tax-deductible.

For 2024, deduct 67 cents per business mile driven.

Example: 1,000 business miles = $670 tax deduction

This method is simpler but requires tracking your mileage throughout the year.

Track all car expenses (gas, insurance, repairs, depreciation) and deduct the business percentage.

Example: If your total car expenses are $10,000 and you use the car 30% for business, you can deduct $3,000.

Investing in your knowledge and skills is not just good business—it's also tax-deductible. Many entrepreneurs don't realize they can write off education expenses that maintain or improve skills needed in their current business.

Education expenses must be related to maintaining or improving skills needed in your current business. They cannot qualify you for a new trade or business.

If you're a graphic designer who takes a course on the latest design software, that's deductible. But if you're a graphic designer taking classes to become a lawyer, that's not deductible because it qualifies you for a new profession.

Mark Spitznagel, who made $1B in a single day during the 2015 flash crash, warns markets are mimicking 1929. Yeah, just another oracle spouting gloom and doom, right?

Vanguard and Goldman Sachs forecast just 5% and 3% annual S&P returns respectively for the next decade (2024-2034).

Bonds? Not much better.

Enough warning signals—what’s something investors can actually do to diversify this week?

Almost no one knows this, but postwar and contemporary art appreciated 11.2% annually with near-zero correlation to equities from 1995–2024, according to Masterworks Data.

And sure… billionaires like Bezos and Gates can make headlines at auction, but what about the rest of us?

Masterworks makes it possible to invest in legendary artworks by Banksy, Basquiat, Picasso, and more – without spending millions.

23 exits. Net annualized returns like 17.6%, 17.8%, and 21.5%. $1.2 billion invested.

Shares in new offerings can sell quickly but…

👉 [My subscribers skip the waitlist].*

_{*Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd.}

Those small monthly bank fees and credit card interest charges can add up over a year. Yet many business owners forget to deduct these legitimate business expenses.

The key to maximizing this deduction is keeping your business and personal finances separate. Use dedicated business accounts and credit cards for all business transactions. This makes tracking deductible fees much easier and provides a clear record if you're ever audited.