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7 Tax Write Offs For Small Business

Tax Write Offs For Small Business

We are getting closer and closer to the New Year and tax season. This is the time of year most people start thinking about launching a business and others who are already running a business are trying to figure out how to do their taxes. Understanding taxes in general can be a whole new ball game for a newbie. Don’t miss out on these 7 tax write-offs for small business.

Hosting + Domain

You can deduct the cost of your monthly hosting cost. Which most hosting providers give you a yearly deal versus charging you monthly. You can additionally deduct the cost of all the domains you purchase. Are you sitting on domains even if you are not using them? Deduct them. If you are looking to purchase your hosting and domain name try Go Daddy or Host Gator for your small business needs.

Internet

Your home internet can also be deducted. That includes your internet access fees, partial internet access fees, and the wifi cards you might use when you are traveling for internet access.

Design Aspects

All those fancy design aspects of your business can be written off too. Your stock images, design expenses, images, themes, plugins are all eligible for consideration as tax write offs for small businesses. This would also include your business cards, fliers, pamphlets and other things of that nature. Great theme options can be purchased from BluChic or TemplateMonster.

Phone + Computer

Businesses are primarily ran off of phones, tablets, or computers nowadays. I can personally write content from my iPad mini and upload it via an app while on the go. All I need is wifi access. This also includes the equipment you need for these devices: go pro camera, software, printer, routers, and much more.

Education: Books, Conferences, Webinars and more

Continuous education is very vital to your startup or small business. If you attend conferences, webinars, and seminars to help you learn more about particular areas of business, you can write those off. As well as, the books and magazines that are business related. Guess its time to stock up on books then.

Legal + Accounting Fees

There are a plethora of start-up cost you acquire even before your launch. Such as legal and accounting fees. These two parts are very essential to starting a business off right. You need to source a lawyer and accountant that can help your business grow. Ones that are more focused on helping then seeing you just as dollar signs.

Travel

The amount of travel I do in a given month is insane. With traveling between Dallas and Houston for clients, meetings, conferences and more. Your conference fees, parking, gas, food and lodging can be written off.

The most important aspect of being able to have these as tax write-offs is keeping your documentation in order with a filing system. Using a spreadsheet or financial software such as GoDaddy, WaveApp or FreshBooks can really help you keep track of things. Spend your Monday’s doing your money management that way you can keep your stuff in order.

Image by The Coveteur // cc

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  • Teri Marquitta

    Good info. This is such an important aspect of business that often goes ignored. I didn’t realize it until friends of mine started calling me asking questions. Luckily I have an accountant mother who is a former IRS employee so I was in the know. We have to make sure our finances are in order if we are planning on running successful businesses. Those write-offs can make a huge difference in our tax liability.

    • imperfctconcept

      Yes, finances in general is something small business over look in general. Understanding taxes is HUGE! Wish there was more of emphasis on being financial savvy vs other aspects. It would help so many people.

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