Top 10 Tax Write-Offs for Small Biz

Top 10 most overlooked tax write-offs for small biz owners

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!

taxwriteoffs

  1. 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.
  2. Home Office — If you have a dedicated space in your house for strictly business work, it’s deductible! Read more here.
  3. Startup Costs — these are the supplies and equipment needed to start your business BEFORE you officially are in business.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. Post Office Fees — This is GREAT for business owners who do frequent mailings or provide retail goods
  9. Fees for Services — *HINT* Fees that you pay to tax professionals or consultants generally can be deducted in the year incurred.
  10. 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!

I highly recommend you must read the eBook on what you need to have for starting a business in Tampa, I believe you’ll get a lot out of it. If you haven’t claimed yours, go and grab it now for free! See you inside – I can’t wait to start working with you! We’re better together!

16 thoughts on “Top 10 Tax Write-Offs for Small Biz”

  1. Would you believe that I once had a person at H&R Block tell me that I couldn’t write off SSIC? I told them they were nuts. They said I wasn’t “learning anything” because I wasn’t in school with books. I learned more in SSIC than I did IN School. Needless to say they reread some things and put it under a different category, but don’t be afraid to question, especially on things like that!

    1. DANG! That’s crazy. I’m glad you had the guts to say EXCUSE ME!!! It has certainly been a learning experience and definitely falls under that or business coaching.

  2. Great tips, Holly!

    Things seem to change from year to year, so I always invest in having a CPA prepare my taxes — one who stays up on current requirements and writeoffs. That is the LAST thing I want to have to do in my spare time.

    1. I agree with you whole-heartedly. I also find that they know more tips than I ever will… This is a list for beginners or those who are brave enough to venture out on their own 😉

  3. Thank you so much for this comprehensive list holly. Interestingly, these are similar to the business tax write-offs we have on my side of the pond as well!

  4. Fortunately, I have an accountant who is a specialist in small business. We know all the ones you listed (great list) and decided years ago not to bother with those like auto, that require too much keeping track.

    1. Auto is a confusing one. An accountant is the way to go to keeps all your marbles together… I am all over the place and definitely benefit from someone to steer me in the right direction.

  5. Most don’t realize these are considered business expenses. All of those contribute to your business so of course they can be written off. An accountant who does businesses too should let you know this.

  6. I use an accountant. Love working with licensed professionals who have something to lose if they screw up. 😉 And thanks for your comment about coaching and mentoring. Yes, that is a business cost. I appreciate you getting the word out! I remind prospects about that, but it’s nice to hear it from someone who doesn’t have skin the game.

  7. Fortunately we have a great accountant who has our back when it comes to write offs but for those that don’t this 8s definitely a great starting point.

  8. I do my own taxes the majority of the time… except this year, since it is my first full year and have those extra little things – like self employment taxes and fun stuff – plus I think this is the first year I will have to pay… dern it.

    I write off EVERYTHING that I use for business, or at least document it… from office supplies, to mileage and home office needs (internet, phone, cell phone) as well as medical, dental insurance costs, FB costs and more. Pretty much everything I do, that isn’t family related is a biz expense.

    Almost over though, thanks for this Holly!

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