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Introduction
Running a business in Sarasota comes with plenty of expenses — but many business owners fail to claim all the deductions they are entitled to. Missing even a few can result in thousands of dollars in overpaid taxes each year.
Here are five commonly overlooked deductions that could significantly reduce your tax bill.
1. Home Office Deduction
If you operate your business from home, you may qualify to deduct:
- A portion of rent or mortgage
- Utilities
- Internet
The space must be used exclusively for business.
2. Vehicle Expenses
If you use your vehicle for business purposes, you can deduct:
- Mileage
- Gas and maintenance
- Insurance
Many Sarasota business owners underreport this deduction.
3. Health Insurance Premiums
Self-employed individuals can deduct 100% of their health insurance premiums — including coverage for spouses and dependents.
4. Retirement Contributions
Contributions to SEP-IRAs or Solo 401(k)s are not just investments — they are powerful tax deductions.
5. Professional Services
Fees paid to:
- Accountants
- Attorneys
- Consultants
…are fully deductible business expenses.
Bonus: Depreciation & Section 179
Equipment, computers, and office furniture can often be deducted in the year they are purchased rather than over time.
Why These Deductions Get Missed
- Lack of proper record-keeping
- DIY tax filing
- Not working with a CPA
Final Thoughts
Small deductions add up quickly. Missing just a few can cost your Sarasota business thousands annually.
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Not sure if you’re claiming everything you should?
Let Serrao & Associates review your business finances and uncover missed tax-saving opportunities.
