Council Post: How To Maximize Tax Deductions As A Business Owner

Karla Dennis emphasizes that business owners often overlook the importance of year-round tax planning, which can significantly reduce their taxes if managed properly.

Highlighting that home office expenses can be written off, Dennis states that as long as the space is exclusively used for business, it’s a viable deduction.

According to Dennis, business owners should claim deductions on office supplies and equipment used for business, as even minimal personal use may not negate the write-off.

Dennis mentions that travel expenses associated with business can be deducted under Code section 274, including costs for flights, accommodation, and transportation.

Read at Forbes