At Michael E. McCabe, CPA, we understand that navigating the complex world of tax law is essential for the longevity of your venture. Identifying every applicable tax deduction is the most effective way to protect your hard-earned revenue and fuel future growth. Reach out to us today to start optimizing your small business tax strategy.
Understanding the Basics of Tax Deductions for Small Businesses
Maximizing Section 179 and Equipment Expensing
We help our clients leverage Section 179 to immediately expense the full cost of qualifying equipment and software purchased during the year. For 2026, these limits have expanded significantly, allowing for substantial immediate relief. By accelerating these deductions, we ensure your business maintains stronger cash flow while upgrading the essential tools needed to remain competitive.
Navigating the Home Office Deduction
For many service-based professionals we serve, the home office deduction provides a valuable opportunity to offset housing costs. We guide you through the strict IRS requirements to ensure your workspace qualifies as your principal place of business. Our team calculates the exact percentage of rent, utilities, and insurance that can be legally deducted to maximize your savings.
Vehicle and Travel Expense Optimization
Whether you are traveling for a production or meeting a client across town, we ensure your business mileage and travel costs are fully accounted for. We analyze the benefit of using the standard mileage rate versus actual expenses to find the highest deduction. Keeping meticulous records allows us to protect these claims while reducing your overall taxable income effectively.
Strategic Use of Retirement and Health Benefits
We advocate for implementing retirement plans and health savings accounts as powerful tools for both tax reduction and employee retention. Contributions made to these plans are often fully deductible for the business, providing an immediate tax break while building long-term wealth. Our expertise helps you select the right structure to balance your operational needs with significant tax advantages.
At Michael E. McCabe, CPA, we are dedicated to helping you find every available saving while ensuring total compliance with the IRS. If you are ready to streamline your bookkeeping or need a comprehensive tax plan for the coming year, contact us today.