Small Business Finance

,

Are You Paying Too Much in Taxes? Common Deductions Business Owners Miss

,

Every dollar you overpay in taxes is one you can’t reinvest in your business. Unfortunately, many business owners leave money on the table simply because they overlook deductions they legally qualify for.  

Here are a few commonly missed deductions:  

Home Office Deduction  
Even if you work partially from home, you may be able to deduct a portion of your mortgage, rent, utilities, and internet.  

Business Use of Your Vehicle  
Keep accurate mileage logs for business travel. Don’t forget parking, tolls, and maintenance related to business use.  

Continuing Education  
Conferences, online courses, certifications, or seminars related to your field may be deductible.  

Software and Subscriptions  
From accounting apps to project management tools, most business-related software costs qualify.  

Meals and Entertainment  
While deductions are limited, business meals with clients or staff (under IRS rules) can be partially deducted.  

Retirement Plan Contributions  
SEP IRAs, solo 401(k)s, and defined benefit plans can reduce your taxable income while building long-term wealth.  

Proper documentation is essential. Use your accounting system to track and categorize expenses in real time. Don’t wait until tax season to scramble for receipts—schedule a review with your CPA now to ensure nothing is missed. 

,

Mid-Year Tax Planning: Why Waiting Could Cost You

,

It’s September — do you know where your tax strategy stands? 

If your tax plan is still on the back burner, now is the time to bring it front and center. At Holmes & Associates, CPAs, we specialize in proactive tax planning for business owners, real estate investors, and individuals throughout Long Beach and Los Angeles. The sooner we begin, the more opportunities we have to optimize your outcome. 

Why Mid-Year Matters 

By reviewing your tax position now — instead of in January or February — you can: 

  • Adjust estimated payments before Q4 

  • Identify missed deductions while there’s still time to correct them 

  • Plan major purchases or investments strategically for maximum tax benefit 

  • Avoid surprises when it’s time to file 

For Business Owners 

If you own an S-Corp, LLC, or Partnership, Q3 is ideal for re-evaluating your entity structure, retirement contributions, and owner compensation. With the pass-through deduction now permanent under the new tax law, there's even more incentive to ensure your setup is optimized. 

For Real Estate Investors 

Bonus depreciation is phasing out, but strategic moves before year-end can still lead to major savings. If you’re holding or managing property, now’s the time to: 

  • Run cost segregation studies 

  • Classify capital vs. repair expenses 

  • Project net income to reduce estimated tax stress 

Let’s Get Strategic 

Don’t settle for basic tax prep — go beyond the minimum. Holmes & Associates is a trusted Long Beach CPA firm with decades of experience helping clients reduce liability and grow smarter. 

📞 Call 562-495-3331 or schedule a consultation to build your 2025 strategy.