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