Tax Season for the Creative!
How to collect all your tax write-offs and not miss a beat.
Ever year there are changes to the tax rules, but as an entrepreneur, tax write-offs can be big money-savers. There is nothing more painful to your wallet than realizing that you forgot to include a tax deduction that would have lowered your tax bill. If you are not working with a CPA, Turbo Tax, Credit Karma, or HR&Block are just a few good options to help you navigate the different tax deductions that are available as well as the rules behind each deduction. However, even with services like these, you could miss some deductions because there is no written list provided by the Internal Revenue Service. Sometimes tax software can be fairly vague on the information, but occasionally the software company provides is a CPA service online to help. A seasoned CPA will know all the ever-changing rules. Before you begin the tax process you need to have your tax write-off documentation organized. To lessen the painful process of doing your taxes, whether you are doing the taxes yourself or working with a CPA, gathering all the documentation and receipts for the deductions will save valuable time and money. My favorite app to keep track of all my deductions, purchases, travel and more is Stripe, but can never go wrong with tried and true Microsoft Excel. Below are 75+ different deductions that you should consider as suggested on entrepreneur websites for business owners:
Accounting fees
Advertising
Amortization
Auto Expenses – Article and Video
Banking fees
Board Meetings – Article and Video
Building repairs and maintenance
Business Travel – Article and Video
Business association membership dues
Charitable deductions made for a business purpose
Children on Payroll – Article and Video
Cleaning/janitorial services
Cameras
Collection Expenses
Commissions to affiliates
Computers and tech supplies
Consulting fees
Continuing education for yourself to maintain licensing and improve skills
Conventions and trade shows
Costs of goods sold
Credit card convenience fees
Depreciation
Dining and Office food – Article and Video
Drones
Education and training for employees
Equipment
Exhibits for publicity
Franchise fees
Freight or shipping costs
Furniture or fixtures
Gifts for customers ($25 deduction limit for each)
Group insurance (if qualifying)
Health insurance – Video
Equipment repairs
Health Reimbursement Arrangement – Article and Video
Health Savings Account – Article and Video
Home office – Article and Video
Interest
Internet hosting and services
Investment advice and fees
Legal fees
Leased Vehicle or equipment
License fees
Losses due to theft
Materials
Maintenance and janitorial
Mortgage interest on business property
Moving
Newspapers and magazines
Office supplies and expenses
Outside services
Payroll taxes for employees, including Social Security, Medicare taxes and unemployment taxes
Parking and tolls
Pass-Through 199A Deduction
Pension plans
Postage
Prizes for contests
Real estate-related expenses
Rebates on sales
Rent
Research and development
Rental Property – Article and Video
Retirement plans – Article and Video
Royalties
Safe-deposit box
Safe
Spouse on Payroll – Article
Social media advertising
Software and online services
Storage rental
Subcontractors
Taxes (Personal and Real Property)
Telephone
Utilities
Video equipment for business YouTube channel
Website design
Workers' compensation insurance
Resource
Entrepreneur
Written by: Rachelle Sanders