Tax Deductions You Might Be Overlooking

Every year, taxpayers miss out on valuable deductions. Knowing what to claim can significantly reduce your tax bill.

Commonly Overlooked Tax Deductions

• Home Office Deduction: If you use part of your home exclusively for business.

• Mileage & Vehicle Expenses: Business-related driving can add up.

• Continuing Education: Courses, certifications, and seminars may qualify.

• Health Insurance Premiums: Self-employed individuals may deduct premiums.

• Startup Expenses: New businesses can deduct initial setup costs.

Another deduction that small business owners often miss is depreciation on business assets. From office furniture to vehicles, depreciation allows you to recover costs over time and reduce taxable income. Additionally, if you work from home, expenses like utilities, internet, and even a portion of your mortgage or rent may qualify for the home office deduction.

Individuals in Evergreen and Lakewood should also be aware of state-specific credits. Colorado offers credits for child care, renewable energy improvements, and more. Robert & Associates stays up to date on both federal and Colorado tax law to ensure you’re not leaving money on the table.

Want to ensure you’re claiming every deduction? Call Robert & Associates at (303) 231-1045 for expert tax guidance.