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Small Business Write-Offs You May be Missing

Write-offs for small businesses
Don't forget these small business write-offs

In the small business world, tax exemptions are a big deal! When you’re working to save and grow as much as possible, avoiding large tax payments can be a big part of your success. That being said, it is important to understand what your options are in terms of tax write-offs and lowering your overall business income each year. 

We are not tax professionals, but we have worked very closely with some of the best in the business. Because of this, we know we can turn to them often to clarify tax information and options, helping us to be as successful as possible come tax season.

We recommend that you find a tax specialist, accountant, and / or bookkeeper that is knowledgeable in small business taxes to help guide you through filing your business taxes, especially if you are first starting out! A quick Google search can help you if you’re looking for someone local and even asking other small business owners who they use is a great idea!

While there is a lot of tax information that will be unique and specific to your business, write-offs are one of those things that can apply to MANY businesses. Because we want to help you take advantage of these write-offs just like we are doing, we thought we’d compile a list of the 5 most commonly forgotten ones that we have used and been so grateful to have learned about! 

5 Small Business Write-Offs You Should Be Utilizing

1. Home Office Expenses

If you operate out of your home for your small business, there is a whole slew of home office expenses you can be using as a write-off. From copy paper to ink, furniture to pens, these are all things used for your business, right? They qualify as a write-off. 

But, on top of that, the square footage utilized for work space, your relatable utilities (internet, phone, heat, etc.), and even home repairs can be taken into account.

But wait. Did you know even the following can be used as a small business write-off when it comes to your home office?

  • Homeowners association fees.

  • Homeowner's insurance.

  • Mortgage insurance and interest.

  • Cleaning services or cleaning supplies.

If you do not primarily work out of your home, and instead share some office time elsewhere, that’s okay! Your home office expenses can still be taken into consideration. Just talk to your accountant or tax preparer about the frequency of use.

2. Interest from Debts

Many small business owners have to take out a loan or accrue debt related to their business (and that’s nothing to be ashamed about!) Did you know that the interest accrued on that debt is tax deductible? Sure is! 

You should receive a special tax form, called a 1098-INT, related to any interest accrued on debt each year. This form should be applied as a write-off because it is an expense to your business. Don’t forget to have this form be included in your tax filing OR pursue getting the form if for some reason it doesn’t arrive to you. 

3. Subscriptions

It’s 2024 and we love our subscriptions, right? There can be such convenience in having things shipped directly to us, streamed regularly, or sent automatically to help our lives run a little easier. Luckily, you can also utilize subscriptions as a business tax write-off. 

Many small businesses utilize subscriptions for supplies that they routinely need. For example, regular supplies delivered monthly or quarterly such as paper towels, toilet paper, cleaning supplies, packing and shipping materials, or even office equipment. 

Don’t forget about your internet subscriptions too. If you subscribe to a monthly publication, newspaper, journal, or magazine for business education, that’s deductible. The same advantage applies to software services or any website-related plans, such as website hosting or design programs.

4. Education and Training

In order to grow in your business, you may require ongoing education and training (we highly recommend always looking to learn more within your industry!) This may come in the form of digital content, in-person conferences or seminars, or even week long retreats for business development. 

All of these are eligible for a business write-off with a few caveats. Not all expenses on your business trips are deductible (for example, entertainment is often not eligible for deduction). However, travel, food, and lodging can typically be written off when the trip is business-related.

Tickets to a conference, digital download fees for a course, or subscribing to a news source where you gain insight and education for business benefit are all eligible for a write-off and fall under “Education and Training”. 

5. Personal Vehicle Expenses

Whether you have a vehicle used exclusively for work purposes or you drive to and from a storefront or office and still use that vehicle personally, your personal vehicle expenses can be used as a tax write-off because it is getting you to and from your job. 

Expenses related to your vehicle that you can use as a deduction include:

  • Miles driven

  • Gas 

  • Car insurance 

  • Repairs and maintenance

  • Parking fees

  • Car washes 

It is important to always talk to your accountant or tax advisor for the specifics on what is eligible for deduction as you often cannot use 100% of your vehicle expenses as a write-off. However, some can be used and every penny counts!

Were you aware of all of these deduction opportunities? Now you are! We hope these help you confidently communicate your tax deductions during the filing process, saving you the most money and helping you continue to grow financially.

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