A Simple List of 10 Tax Write Offs For Small Biz Owners

Hey everyone! It’s tax season and if you’re anything like me, you’re just getting started. This isn’t my first rodeo, so I thought I’d put together a little list of common deductions for small businesses that you can take advantage of this year!

  • Office: Work from home? If so, you’re in luck because you make be able to write off a percentage of your rent or mortgage as long as you use a designated space for work related purposes regularly. And if you rent an office or studio, don’t forget to include the rent as a deduction!
  • Utility Expenses: A lot of people will write off their office space and forget all about the utilities that make it possible for them to actually work! Que *All of The Lights!* Don’t lose out on this one and make sure to account for your utility use!
  • Office Supplies: Computers, printers, paper, pens, ink, postage and so much more! All of these are deductible office expenses. Keep your receipts and don’t lose out on these deductions! Even better if you have one card designated for office purchases to keep track easier. Also for larger purchases like your computer, ask your accountant for more information as this expense will be depreciated over a couple of years.
  • Education: This is one of my favorites because I’m big on investing in my own education. Keep a record of your fees, student loan payments and tuition receipts to get a little love from the IRS.
  • Car Use & Mileage: If you use your car for work purposes, you can deduct the business use. To do this, keep a log of all of your work related mileage either the old fashioned way or with an app.
  • Travel: I travel for business all of the time. Tolls and parking fees are deductible, as are travel expenses such as flight tickets. Make sure to keep all of your receipts when traveling for business related reasons.
  • Business Meals: This one is for all those business meetings over coffee, lunch and dinners or meals when you are out at a conference. Just a tip, I scrawl “Business” on the receipt to be able to tell the difference between social meals and business.
  • Advertising: Business cards, email marketing providers, flyers, scheduling software, postcards? All tax deductible! Like everything else, it’s all about making sure you are keeping a record.
  • Bank Fees: This includes the regular bank fees as well as those pesky Paypal charges! Keep track and get a little break from the fees.
  • Tax Prep: This one is a biggie. I know it can be tempting to do your own taxes, and I’ve done it, but most of the time, it pays to have a professional look at your books, especially if you want to get the most out of your deductions. This can be deducted for the NEXT year.

Okay, that’s my top 10 deductions and I really hope it helps! If you’ll notice, the one thing i mention over and over again is that you MUST keep a record. I know it’s a hassle but it’s absolutely worth it! I swear!

Anyways, good luck on your taxes!