Top 10 Tax Write-Offs for Small Biz
Happy tax season, friends! The beloved “Tax Day” is just around the corner…but don’t fret!
Did you know small business owners get some EXCELLENT tax write-offs? Click To Tweet Dedicated to helping entrepreneurs and small business owners like yourself, I’ve compiled a few write-offs you should definitely look into (if you haven’t already). These tips apply to most entrepreneurs, solopreneurs, and soon-to-be business owners. Don’t leave money on the table. Be smart and include these in your tax deductions.
So read up and REWARD yourself once your return comes in 😉 You deserve it!
- Automobile Expenses — If you use your car for business, or your business owns its own vehicle, you can deduct some of the costs of keeping it on the road. Mastering the rules of car expense deductions can be tricky, but well worth your while. These are made via actual expense or standard mileage rate methods.
- Home Office — If you have a dedicated space in your house for strictly business work, it’s deductible! Read more here.
- Startup Costs — these are the supplies and equipment needed to start your business BEFORE you officially are in business.
- Credit Card Fees — or bank, PayPal, etc. Any fees you must pay to do business. Also, if you use credit to finance business purchases, the interest and carrying charges are fully tax-deductible.
- Internet & Phone Charges— Hello, wifi! You can deduct the cost of your Internet access, but if you use the connection for both business and personal purposes, you can only deduct the amount used for business. Same applies to your phone bill.
- Utilities — You can deduct part of your utilities, home repairs and renter’s insurance from your taxes. Use the same percentage you used for your rent deduction. In the example, you can write off 12.5 percent of utilities, repairs and insurance because of your home office.
- Fees for Business Memberships — Do you pay fees to belong to a networking group? i.e. Working Women of Tampa Bay, the Centre Club, etc.
- Post Office Fees — This is GREAT for business owners who do frequent mailings or provide retail goods
- Fees for Services — *HINT* Fees that you pay to tax professionals or consultants generally can be deducted in the year incurred.
- Business Coach & Mentors — Do you belong to a great mastermind group or pay for a coach? Not only will your coaches help you fine tune the direction of your biz, but they are tax deductible. Sounds like a win-win to me 🙂
Do you use a CPA, online platform, or file your own taxes? I’m always open to any helpful time-saving tips!