Absolutely, and good thinking—maximizing deductions legally is one of the best ways to stay profitable as a small business.

Here’s a simple way to approach it, even if you’re not a tax pro:

* Know what counts as a “business expense.” If it helps you earn money or run your business, it probably qualifies. Think: software, subscriptions, packaging, shipping, internet, even a portion of your home office or phone bill.

* Track everything from day one. Use apps or tools like QuickBooks or Wave. It doesn’t have to be fancy, just accurate. And yes, receipts still matter.

* Don’t skip the “hidden” deductions.
Some of the most forgotten (but powerful) ones include:

Startup costs (up to $5,000)
Business meals (50% usually)
Bank fees, Stripe/PayPal fees
Mileage if you use your car for deliveries or errands
Education (courses or seminars that help you do better work)

* Pay yourself strategically. If you’re an LLC, S Corp, or even a sole prop, how you take money out affects how you\’re taxed. This is where a good tax advisor can help you keep more of what you earn.

* Timing matters. Planning big expenses? Buying equipment? Do it before year-end if you want it to count toward this year’s deductions.

* File the right forms. If you\’re a single-member LLC and doing business internationally, you might need to file Form 5472. It’s small things like this that can trigger penalties if missed—so keep compliance tight.

And one last thing? Talk to a tax expert who understands your business model. It can make a world of difference. Business Globalizer works closely with international founders to help them stay compliant and efficient. Reach out if you ever need a breakdown based on your exact situation.

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