Managing a business is no small feat, and the last thing you want is to pay more taxes than necessary. Fortunately, significant deductions may be hiding in plain sight, not just in the intricate tax codes. Some commonly overlooked documents can make a big difference in your tax return.

As tax season approaches, here are five key documents that could provide real savings for your business.

1. Track Your Vehicle and Mileage

Every mile matters. Whether it's meeting a client, picking up supplies, or attending a networking event, these trips can quickly accumulate. Without a detailed log or mileage tracking app, claiming these deductions becomes challenging. Keep accurate records, and you might find your vehicle to be a major asset come tax time.

2. Home Office Documentation

If you work from home even part-time, you might be eligible for a home office deduction. This means a portion of your rent, utilities, and internet expenses could be deductible. To qualify, your home office must be used exclusively and regularly for business. Detailed documentation, like photos or floor plans, can help substantiate this deduction if questioned.

3. Record Equipment and Technology Purchases

That new laptop or office chair isn’t just an upgrade—it might be deductible under Section 179 or through bonus depreciation. Many small business owners overlook smaller purchases like printer ink or surge protectors, but these can add up. Organize your receipts and assess their value—you might be pleasantly surprised.

4. Business Meals and Travel Receipts

That coffee catch-up with a client or lunch with a potential partner can do more than just provide sustenance—it can be a 50% deductible expense, provided you document it properly. Record who you met with and the purpose, and keep these receipts organized. The same rules apply to meals during approved business travel. Keep in mind, the 50% deduction for business meals is slated to end on January 1, 2026, so take advantage while it lasts.

5. Professional Fees and Subscriptions

From accountant fees to industry memberships and paid online tools, professional expenses are fully deductible. However, these expenses often go unnoticed in monthly bank or credit card statements. Take the time to review your records and highlight anything related to your business's operations or growth.

Putting It All TogetherThe difference between a good tax year and a great one often lies in meticulous recordkeeping. By organizing these often-overlooked documents now, you can reduce your tax liability and enhance your business's financial health for the future.

If you're unsure whether you're leveraging every available deduction, consider scheduling a quick records review with a trusted expert. A small investment of time now could lead to significant savings down the road.