Reply To: What are the most commonly overlooked tax deductions people miss out on?

I think one of the biggest mistakes is focusing only on deductions at tax time instead of planning throughout the year. Many people overlook things like retirement account contributions, Health Savings Accounts (where available), home office expenses for eligible self-employed individuals, business mileage, education-related tax benefits, and depreciation on qualifying business assets.

For small business owners, keeping accurate records is often just as valuable as knowing the rules. A legitimate deduction only helps if you can properly document it. Spending a little time on tax planning throughout the year can often lead to much bigger savings than searching for last-minute deductions when it’s time to file.