Tax season: it’s enough to make many business owners throw in the towel. Not only do you have to worry about your personal income and filing, but there are plenty of convoluted tax codes designed exclusively for your business as well. It can be overwhelming for even the most experienced business owners.


Luckily, help exists! There are many small business tax planning service options to help you stay on track this tax season.  Our team at QBO Hero can help walk you through this process and create a strategy for being most efficient with your tax timeline. In the interim, here are the top five deductions most small businesses miss! You won’t want to ignore these accounting tips!


Salaries and Wages


This is a big one. As part of normal business operations you must pay your employees right? Well, that’s a business expense and something you can write off on your taxes! Any salaries, wages, bonuses, commissions, or fringe benefits paid during the year qualify for the write off. Of course, you don’t want to go overboard. Payments made to someone other than an employee do not qualify.




Office supplies are a necessary part of any functioning business. Luckily, most supplies can be wrapped into a deduction and help your tax bill. Get creative! In addition to basic office supplies items like toilet paper, paint, coffee and cleaning supplies count, but are often overlooked. This is one of those accounting tips you’ll enjoy.  




Any knowledgeable small business tax planning service should cover this with you. This deduction applies particularly to small businesses that require the purchase of big ticket items like machinery, motor vehicles and other large equipment. There are some limitations and caps to this write-off, so make sure you ask that question during the planning process!


Transportation Expenses


This write off is often overlooked because you have to get to work right?! Any other job you obtain doesn’t pay you to get there. At first glance it seems too good to be true to get paid for this, but believe it! The cost of using a vehicle for business does require reasonable proof. Instead of tracking receipts for all your gas and maintenance costs, it’s easier to deduct mileage. Rely on the IRS standard mileage rate and invest in an app that will help you track and record your mileage throughout the year.


Meals & Entertainment


This is one of our favorite accounting tips. Wining and dining clients is simply part of doing business. However any expenses like meals, coffee, or a night out can be deductible if they’re part of earning or maintaining a business relationship. Again, you’ll need proof when you file the deduction so keeping good record with receipts and credit card reports is important.


A Final Word


As with anything related to tax season, it’s important to have documentation. Keeping good records is something any small business tax planning service will recommend. However, if you’re diligent with your records and do your research you’ll find tax season to be a breeze. Keep these tips in mind as you tackle your taxes this spring!