Gurdayal Singh | Jul 14 2025 18:00
Every year, we talk with business owners across Chino, Ontario, and Rancho Cucamonga who are leaving money on the table—simply because they don’t know what deductions they’re entitled to. Tax laws change, and what worked two years ago might not be the most effective option now.
If you're a high-earning professional, independent contractor, or small business owner, here are some of the most overlooked—but incredibly valuable—business deductions to explore in 2025.
1. Retirement Contributions for Business Owners
If you’re self-employed or running a small business, contributing to retirement plans like SEP IRAs, SIMPLE IRAs, or Solo 401(k)s can reduce your taxable income and build long-term wealth. These plans have higher contribution limits than traditional IRAs and offer some of the best tax advantages available.
2. Health Insurance Premiums (Including for Your Family)
Self-employed individuals can often deduct the cost of premiums for medical, dental, and long-term care insurance—not just for themselves, but for their spouses and dependents. Many business owners in Chino don’t realize this deduction applies even if you don’t itemize.
3. Home Office Deduction—Even If It's Just a Small Setup
More professionals are working from home or using hybrid models, and that means you may qualify for a home office deduction. Whether it’s a spare bedroom or a dedicated nook, as long as it’s used exclusively for business, you may be able to write off a portion of your rent or mortgage, utilities, and repairs.
4. Business Mileage and Vehicle Use
If you use your car for business—even if it's part-time—you may be eligible for mileage deductions or a percentage of vehicle-related expenses like maintenance, insurance, and fuel. Accurate tracking is essential, and we can help you set up an easy system.
5. Equipment and Tech Upgrades (Section 179)
Buying a new laptop, business phone, or even furniture for your home office? Under Section 179 of the tax code, you can deduct the full cost of qualifying equipment in the year it's purchased—rather than depreciating it over time.
Bonus Deductions to Explore in 2025
- Professional development: Courses, certifications, and training related to your work
- Business meals: 50% of qualified meals for client meetings or travel
- Software and subscriptions: From accounting tools to CRM platforms
- Phone and internet: A portion of your personal plan if used for business
- Insurance premiums: Business liability and certain key person policies
Why Now Is the Time to Plan Ahead
Waiting until tax season is too late to make meaningful changes. The best time to review your deduction strategy is before year-end—when you still have time to act. If you’re a high-income professional or small business owner in the Inland Empire, proactive planning could help you save thousands come April.
Let’s Maximize Your 2025 Deductions
At Benefit Consultant Inc., we help business owners throughout Chino, Eastvale, and the surrounding communities make smarter decisions about taxes, insurance, and retirement—all with strategies designed to reduce stress and boost results.
