5 Common Tax Deductions You Won’t Want To Miss

Every year, many small and mid-sized businesses leave money on the table, not because they made mistakes, but because they unknowingly miss legitimate tax deductions they were entitled to claim.

Tax laws are complex, documentation rules are strict, and some deductions aren’t obvious unless you’re actively planning for them. At Buckno Lisicky & Company, our CPAs regularly uncover overlooked tax savings opportunities that make a real difference for our business clients’ bottom lines.

Below are five of the most common deductions small businesses tend to miss, and why proactive tax advice matters.

Home Office Expenses

With hybrid and remote work now fully embedded in many business operations, the home office deduction is still widely misunderstood and frequently overlooked.

To qualify, the space must be:

• Used exclusively and regularly for business
• Your principal place of business or where you meet clients

Eligible deductions include:

• A portion of rent, mortgage interest, and real estate taxes
• Utilities, internet, and insurance
• Repairs and maintenance related to the workspace

Many business owners assume they don’t qualify or worry about audits. When done correctly, the home office deduction remains legitimate and valuable.

Buckno Lisicky & Co. Insight: “Under current federal tax law, the home office expense deduction can only be taken by self-employed individuals. W2 employees who work from home are unable to claim the deduction against their wages.” 

Vehicle & Mileage Costs

Driving for client visits, job sites, deliveries, or meetings adds up quickly, yet many business owners either under-track mileage or default to the wrong deduction method.

Two options exist:

• Standard mileage method: simpler tracking
• Actual expense method: captures fuel, maintenance, insurance, depreciation, and more

Choosing the wrong approach can mean losing out on hundreds or thousands of dollars in deductions yearly.

Health Insurance Premiums for Business Owners

Self-employed individuals and certain business owners can deduct 100% of qualifying health insurance premiums, including coverage for spouses and dependents, above the line on their personal tax return.

However, eligibility rules vary by:

• Business entity structure
• Whether other employer-sponsored plans are available
• Ownership percentages

Because this deduction interacts directly with personal income taxes, it’s commonly misunderstood or completely overlooked.

Buckno Lisicky & Co. Insight: “Medicare, Marketplace, and supplemental policy premiums like vision and dental are included as eligible premiums for the self-employed health care deduction.”  

Depreciation & Section 179 Expensing

Equipment purchases are highly deductible, but many businesses either:

• Spread deductions out unnecessarily over multiple years
• Miss accelerated depreciation opportunities
• Fail to claim full deductions under Section 179 or bonus depreciation rules

Eligible assets may include:

• Office equipment
• Construction or manufacturing tools
• Computer hardware and software
• Certain vehicles used primarily for business

Strategically timing asset purchases toward year-end can significantly reduce tax liabilities.

Professional Services & Education

Fees paid for:

• Accounting and bookkeeping
• Legal consulting
• Marketing and design services
• Continuing education or licensing

are generally fully deductible, yet these are often underreported or improperly categorized.

Businesses growing quickly are particularly prone to missing these deductions due to inconsistent bookkeeping or credit card expense tracking.

Why Businesses Miss These Deductions

Most missed deductions stem from three primary issues:

• Lack of year-round tax planning
• Poor or inconsistent bookkeeping
• Uncertainty around eligibility rules

Tax filing software can’t ask the right follow-up questions, and busy business owners don’t always know what opportunities to look for.

That’s where having a proactive CPA relationship makes the difference.

How We Help Businesses Capture More Savings

At Buckno Lisicky & Company, we go beyond basic compliance to provide:

• Regular tax strategy consultations
• Deduction optimization reviews
• Entity structure evaluations
• Cash-flow-focused planning
• Year-round advisory support

Our goal is not just to file accurate returns, but to help businesses pay only what they owe, and not a dollar more.

Stop Leaving Money on the Table

If you’ve ever wondered whether you’re missing deductions, you probably are.

With personalized guidance from the Buckno Lisicky & Company team, Lehigh Valley businesses can uncover legitimate tax savings opportunities that improve cash flow and long-term stability.

Ready to find out what deductions you may be missing?

Schedule a consultation with Buckno Lisicky & Company today and ensure your business is positioned for maximum tax efficiency in 2026 and beyond.