Tax deductions
5 deductions you are probably forgetting
Not exotic loopholes. Ordinary write-offs that solo businesses skip every year because the spending happens on personal cards and nobody records it.
1 · Home office
The simplified method is $5 per square foot, up to 300 sq ft. A 150 sq ft room is $750 a year for measuring a room once.
2 · Phone and internet
The business-use share of bills you already pay. Half your phone and internet is real money over twelve months.
3 · Business mileage
Client visits, supply runs, job sites. The IRS standard rate is roughly 70 cents a mile; a log turns errands into a deduction.
4 · Software and subscriptions
Design tools, cloud storage, scheduling apps, this app. 100% deductible, and they hide on personal cards.
5 · Retirement contributions
A SEP IRA or Solo 401(k) lets you deduct up to 25% of net self-employment income. The deduction that pays your future self.
The pattern
Every one of these lives in transactions you already made. Clean books surface them; messy books bury them.
The habit that finds them: categorize every month, and flag anything business-ish on personal cards as you go. Deductions are found in the categorizing, not in April.
FAQ
Questions, answered
Do I need receipts for all of these?
You need records, not a shoebox. The home office needs its square footage, the car needs a mileage log, subscriptions show up on your statements already. The habit is a monthly ten-minute review, not hoarding paper.
Can I still claim these for past months?
For the current tax year, yes: categorize the year's transactions and the totals land on your return. Prior filed years need an amended return, which is a conversation for your preparer.
What is the one most people miss?
The phone and internet split. Almost every solo business pays for both personally and never moves the business share onto the books.
Find your missed deductions tonight.
Create a free account, drop in a bank statement, and watch every transaction get categorized. 100 free credits to start, 10 more every day. No card required.
Takes about 90 seconds. No sales call, no onboarding fee, no contract.