This content is for educational and informational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional before making any financial decisions.
A few years into running my business, I had a meeting with a new accountant.
She asked me a simple question: what are you currently writing off?
I listed the obvious ones. My laptop. Some software subscriptions. A couple of business meals.
She looked at me and said, that's it?
That conversation cost me nothing and saved me tens of thousands of dollars. What she showed me that day is in this guide.
If you own a business and you are not claiming these deductions, you are paying more than you owe. Every single year.
The IRS allows deductions that are ordinary and necessary for your business. That covers more than most women think.
1. Your appearance on camera
Hair, makeup, and wardrobe used exclusively for on-camera appearances, speaking engagements, and public-facing business work is a legitimate business deduction. The key word is exclusively. A dress you also wear to dinner does not count. A blazer you bought specifically for your keynote does. Document everything, keep receipts, and note the business purpose.
2. Your home office
If you have a space in your home used regularly and exclusively for business, you can deduct a percentage of your rent or mortgage, utilities, and internet based on the square footage of that space relative to your home. Most women who work from home qualify. Most never claim it.
3. Your health insurance premiums
If you are self-employed and your business shows a profit, you can deduct 100% of the health insurance premiums you pay for yourself, your spouse, and your dependents. This is one of the most significant deductions available to self-employed women and one of the most consistently overlooked.
4. Your retirement contributions
A SEP-IRA allows you to contribute up to 25% of your net self-employment income. A Solo 401k allows even higher contributions depending on your income level. These contributions reduce your taxable income dollar for dollar. For women earning over $100,000, this is where the biggest tax savings live.
5. Your kid's salary
If your business is a sole proprietorship or qualifying LLC and you employ your child for legitimate, age-appropriate work, their wages are fully deductible as a business expense. Your child pays zero federal income tax on the first $15,750 they earn in 2025. You are legally moving money from your tax bracket into their zero-tax bracket. The work has to be real, the pay has to reflect market rate, and you need proper documentation. Talk to your CPA about your specific structure before implementing this.
6. The 20% pass-through deduction
If you own a qualifying pass-through business, a sole proprietorship, LLC, S-corp, or partnership, you may be able to deduct 20% of your qualified business income from your taxable income. If your business nets $200,000, you could potentially pay income tax on only $160,000. Not every business type qualifies and there are income thresholds. This deduction is currently set to expire after 2025, which makes this year particularly important. Ask your CPA if you qualify.
7. Every mile you drive
The IRS standard mileage rate is $0.70 per mile in 2025. Every client meeting, speaking engagement, event, and business errand counts. A mileage tracking app takes 30 seconds to use and the write-off adds up to thousands of dollars over the course of a year. Most entrepreneurs are leaving real money on the table here.
8. Education and professional development
Courses, coaching, masterminds, conferences, books, and subscriptions that maintain or improve skills directly related to your current business are deductible. That $5,000 mastermind, the online course, the industry conference you attended. Keep the receipts and document the business purpose.
9. Business meals
50% of meals where business is genuinely discussed are deductible. Document who you were with, what you discussed, and the business purpose. The IRS requires contemporaneous records, meaning you need to note it at the time, not reconstruct it later.
What to do next
Pull your last three years of tax returns and go through this list. If you are not claiming these deductions, you have likely overpaid. Bring this list to your next CPA meeting and ask specifically about each one. If your accountant is not proactively surfacing these conversations, it may be time to find one who works specifically with self-employed women and small business owners.
Important
This is not tax advice. Tax rules change, income thresholds vary, and your specific business structure matters. Everything here is a starting point for a conversation with your CPA, not a substitute for one.
See you Wednesday with the next edition of Billion Dollar Energy.
Jenny
P.S. If this helped, forward it to a woman business owner in your life who needs to see it.