Many of you business owners are probably finding yourself gathering all the information to prepare your income tax returns. While going through this process, you should be cautious to compile all items that may be deductible which, in turn, saves you taxes.

Many business taxpayers fail to deduct otherwise eligible business expenses or fail to fully deduct qualifying business expenses. Below is a listing of commonly missed deductions or deductions that you may not be fully utilizing.

– Home Office Deduction: If you are self employed and use part of your home as a home office, you may be entitled to deduct expenses related to the home office based on the percentage of square footage the home office occupies. Related expenses include mortgage interest, property taxes, utilities, and repairs, etc.

– General Business Expenses: If you use your personal funds for business expenses such as office supplies, these are qualifying business expenses, which you may deduct.

– Meals and Entertainment Expenses: If you have used your personal funds to pay for meals and entertainment expenses, these expenses qualify as a business deduction, subject to limitations.

– Personal Assets Converted to Business Use: If you have contributed personal assets, such as a computer or office furnishings, the fair market value of these assets qualify as a business deduction, subject to depreciation limitations, beginning with the date of conversion.

– Insurance: If you are a self-employed taxpayer, you may deduct 100 percent of your health insurance premiums, subject to certain limitations.

– Communications Expenses: Expenses related to the business use of your personal telephones, cellular phones, and internet connections may be deducted.

– Automobile Expenses: Mileage and other related automobile expenses might be deducted when your personal vehicle is used for business purposes.

While these are only a small portion of eligible business deductions, they are some of the more commonly missed. When getting your tax information together, I encourage all taxpayers to gather the data for all deductions you are entitled to and to become familiar with all new tax changes that affect your area, such as the Federal Telephone Excise Tax credit and the Gulf Opportunity Zone deductions.

Sim McRae MOSBY, CPA/PFS is a partner in the firm of Silas Simmons, LLP in Natchez.