Are you missing out on any tax deductions?

The coffee chat that saved thousands in taxes

Gina Ferris, Director of Business Development here at JSJ Consultants, was having coffee with a friend last week when the friend mentioned having just made another business loan payment. “That payment is killing me every month, and most of it is just interest," she said.

Gina paused. "You know that interest is tax deductible, right?"

Silence. Then: "Wait — really?"

Her friend had been making loan payments for two years and never realized the interest portion was a legitimate business expense. That's thousands of dollars in missed deductions because she didn't know it counted.

This happens more often than you'd think. Most business owners know about rent, supplies, and payroll. But there's a whole category of legitimate expenses that get missed because you don't realize they count.

The expenses many business owners miss

• Loan interest

• Professional development

• Bank fees and credit card processing fees

• Software and subscriptions

• Insurance

• Depreciation
  

There are also deductions for your car, home office, and meals with clients – however – there are LOTS of qualifiers on these. The rules are complicated, but we can guide you through them.

Why this matters

Missing deductions doesn't just mean you overpay on taxes. It means your books don't show the true cost of running your business, which affects every decision you make about pricing, hiring, and investing.

And if you're missing deductions entirely, you're paying more in taxes than you legally owe. That's money that could have been reinvested in your business or paid out to yourself.