Small Business Tax Write Offs

Top missed small busines tax write offs.

Recently on Twitter, I shared some small business tax write-offs that most entrepreneurs, solopreneurs and soon-to-be small business owners forget about. The first couple of years in business, my accounting was less than acceptable for business. I went to H&R block and let them do what they thought was best. Lesson learned: hire a CPA or Accountant. It’s worth every penny. My accountant, Rose, only costs me $75 a year. I am one lucky entrepreneur.

Your bookkeeping and accountant can make or break your business. Many small business owners overlook their fiscal situation. The only thing they know is that they are cash-flow poor, or their money is not the way they want it. I suggest taking a refresher course in business money management. You can do it online or at your local college. Trust me, you need to know everything you can about your money.

Estimated Taxes

Outright shared this chart during their free webinar.

My first tip is to sign up for Outright. I found out about them early last year, and I am completely smitten with this company. They simplify your tax prep by organizing and categorizing all of your income and expenses. Everything your accountant or CPA needs to do your annual taxes can be done in Outright, and it covers all the categories the IRS needs. They offer a free or $10 version, but around the holidays they run a special for $50 for a full year. A perk of buying the $10 one is that they give you the information you need to know for your estimated quarterly taxes. Outright happens to be one of the best investments I made for my business.

Top Ten Missed Write Offs via BlogICB

To find more information about these deductions, buy then read Small Business Taxes Made Easy, Tax Savvy, or Deduct It. I would also recommend becoming a member of SCORE in your local town. They offer mentorship between you and a veteran in your industry. SCORE also offers monthly classes to attend for a small fee. Another option to look into is the IRS. They offer small business tax webinars & workshops that are FREE. As an entrepreneur, you know its best to use all those free resources, so go ahead: connect and network.

More Articles to Read: Bookkeeping for Your Small Business & Determining Sales Tax In Business

This post includes affiliate links

Written by Tasha

  • Shay

    Loved this post! I’m one of those “Many small business owners overlook their fiscal situation. The only thing they know is that they are cash-flow poor, or their money is not the way they want it.” I’m looking in all those free and paid resources. Thank you!

    • Tasha

      Some small businesses don’t even know they are cash poor. Which is sad in itself. Thanks for reading and commenting.

    • imperfctconcept

      Hi Shay,

      It is truly my pleasure. Please let me know if you need any more help.

  • Olivia

    I’ve been looking for a CPA. Where did you find one for $75? That’s awesome! Thanks for the post, it was great!

    • Tasha

      Hi Olivia,

      I was referred to my accountant. Asked friends who they use. Reminder she only charges me $75 to file my taxes. If I have an appt for business there is a different hourly rate.

    • imperfctconcept

      Hi Olivia, It was a referral from another business owner in my town. I would ask other business owners who they use.

  • Pingback: Bookkeeping for Your Small Business | Imperfect Concepts

  • Pingback: 7 Must Have Books For Entrepreneurs | Imperfect Concepts

  • http://www.armcandycrush.com/ Kateria

    In regards to utilities as a write off, does this apply to if you have a home office as well?

    • imperfctconcept

      It truly depends. Do you have a local accountant that you have decided to work with? If so, ask them and they can give you a clearer answer.

      • Faye

        My name’s Faye and I am a CPA-in-training and currently am working at Hollis CPA. We help a lot of small businesses with their accounting and tax needs. In regards to the home office deduction, if you constantly use a part of your home for business you can deduct that part of your home on your tax return. Just provide the sq. footage of your whole house, and the sq footage that you use for business, and you can deduct a % of house utilities, rent, insurance, mortgage interest, property taxes,etc.. that you spent on your house. I hope this answers your question. If you have other questions my office number is 512-539-0440. I believe consultations are free and we can give you a quote on how much we charge for our services. =)