09/04/2026
What if part of the tax gap isn't about fraudābut about business owners simply not claiming deductions they're entitled to?
The IRS reports a $496 billion tax gap every year, and one reason businesses may contribute to that gap is missed deductions caused by uncertainty or poor recordkeeping.
Business software, training, mileage, bank fees, and certain business-use portions of your phone and internet may have deduction potential when they qualify as legitimate business expenses.
The key is knowing the rules and keeping the right records.
Know a business owner who might be leaving deductions on the table? Share this with them.
Not legal or tax advice. Follow Dynasty Accounting for more business and tax tips.