After 27 years in federal taxation, I can tell you the most expensive tax mistake small business owners make has nothing to do with cheating the IRS.It is paying taxes on money you were never supposed to owe.The gap between what you legally owe and what most business owners actually pay is enormous — and it is not filled by aggressive strategies or loopholes. It is filled by someone who knows how to read your books and apply the tax code correctly.The Most Common Missed Deductions in Small Business Tax Returns
Misclassified expenses. When personal and business transactions run through the same account, deductible expenses get overlooked. Vehicle use, home office, professional development, meals with business purpose — these are legitimate deductions that require clean documentation to claim.Retirement contributions. SEP-IRA, SIMPLE IRA, Solo 401(k) — these are among the most powerful deductions available to self-employed and small business owners. Most do not maximize them because no one walked them through the math.Section 179 and bonus depreciation. Equipment, software, vehicles used for business — these can often be deducted in full in the year of purchase. Most business owners never ask.Health insurance premiums. Self-employed business owners can deduct 100% of health insurance premiums paid for themselves and their families. This one alone changes tax liability for many clients.Why Your Tax Bill Feels WrongIf you finish tax season feeling like you paid too much and are not sure why — you probably did. Not because your prior preparer was dishonest. Because federal tax law is detailed, and the difference between a return that captures everything you are owed and one that leaves money behind is the experience of the person preparing it.At 360 Global Business LLC, tax preparation is not data entry. It is a review of your full financial picture. Twenty-seven years of federal tax experience means we know what you are leaving on the table.Ready to stop overpaying? Book a Tax Review: 360globalbusinessllc.com/tax-servicesShannon C. Williams | CEO, 360 Global Business LLC | 27 Years Federal Tax Educator and Consultant | SDVOSB · WOSB · MBE | U.S. Air Force Veteran | Phone: 1-855-500-1514 | (360) 300-4487 | taxes@360globalbusiness.com