10 of the Most Overlooked Tax Deductions
Tax season is officially upon us… Are you aware of all the tax deductions possible for your small business? Are you making sure you aren’t over paying? I know your time as a busy business owner is precious, so I’ll cut to the chase. Here are 10 simple deductions and write-offs you don’t want to miss this tax season.
Office Supplies
This can include computers you purchased for your business, printers, ink - any office supplies you use for the purpose of your business.
Business Coaching & Memberships
Yep, your Mastermind groups, memberships for educational tools, or even a business coach, all are proper small business write-offs.
Office Space or Rent
Make sure you’re not forgetting to deduct your office rent, or the square footage of your home office space. A good rule of thumb for writing off the designated in-home office space, is writing off $5 per every square foot.
Mileage
Any miles you drove for the purpose of business, that you weren’t reimbursed for are free game when it comes to write-offs.
Events and Conferences
Networking events and conferences are another commonly missed tax deduction.
Travel Expenses
Anytime you're traveling for work purposes, all your expenses are write-offs for your business.
Charitable Donations
Donating money and material items that you can put a value on, are all deductions that are commonly missed by small business owners once tax season rolls around.
Marketing and Advertising Expenses
Do you outsource your marketing and advertising roles? You can write-off those services as well.
WiFi and Phone
Your WiFi bill and phone bill, if used to run your business, are all deductions.
Insurance
Yes your business insurance and other insurances (depending on your geographical location) are proper tax deductions.
I really hope this was somewhat helpful and eased some of your tax season anxiety. If you find it’s too overwhelming to do your taxes yourself, my biggest recommendation is to find an accountant you trust.
Sincerely
-Danielle Wiebe