Picture this: you're weeding through receipts and looking at bank statements and profit and loss statements, trying to balance the books. At some point, you look at how much you're spending on expenses alone, and are dumbfounded. Perhaps you ask yourself, "Where is all my money going?" You may also wonder, "Can I lower my business expenses?"

If this is you, continue reading and keep this article handy. I'm going to talk about some of the most commonly missed business expenses, and how to reduce or eliminate them entirely.

Disclaimer: These are suggestions based on experience, and are intended to guide decision making. For specific tax related questions, consult your Tax Preparer.

Subscriptions

Did you know it's possible to still be paying for subscriptions you don't even use and not realize it? It is, and not only do a lot of people do it, but they're also paying for numerous platforms that provide the same service. Even if they're all just $10/month each, that adds up over time.

When looking at your finances, see if there are any platforms or services you're paying for that you don't use, and cancel those subscriptions. If you're paying for multiple platforms of a particular service, choose the service that gives you the best price or best meets your company's needs.

Consider other regular expenses like your cell phone bills (if you have a business cell phone) and business insurance. Look around and see if there's a better deal that costs less money, especially if you notice an increase in the price.

Gas Mileage

Tracking gas mileage is another important expense many people don't document. However, gas prices are high in some places, and fill-ups add up after a while. You don't want to be spending all your personal money on gas for business errands and trips. But if you track your mileage, you can write it off on your taxes, and you won't have to pay as many taxes.

Utilities / Home Offices

That's right. The space you work in counts as a business expense! If you have a home office or just work from home in general, you can often write off a percentage of your utilities as well — correlated with the square footage of your office compared to your residence.

Conclusion

Every business has expenses; there's no way to avoid them completely. But it is possible to get rid of some and lower the amount you're paying on others. If you're stressed about how much you're paying for expenses, but aren't sure where to lower or cut costs, start with the ones discussed above, and go from there.

Disclaimer: The information in this post is intended for general guidance purposes. For advice specific to your business finances or taxes, consult a licensed accountant or financial advisor.