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

That’s a great question. A lot of people do miss out on hidden savings at tax time. Some often-overlooked deductions include home office expenses, professional development or education costs, health insurance premiums for self-employed individuals, and mileage for business-related errands. Small business owners also forget deductions for software subscriptions, marketing, or even part of their phone bill. These can really add up when tracked properly throughout the year.

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.