Business Owner Tax Deductions
As all our thoughts are turning to taxes for the year, I thought I’d give you a list of some creative deductions business owners should be looking for, but often don’t.
First, look at your online spending. Do you run ads on Facebook, Instagram or other social media platforms? What about any Search Engine Ads? Did you run any sponsored articles or sponsor any podcasts? Those are all online expenses that can fit the IRS’s standard of “helpful and appropriate” business expenses.[1]
Second, what about your software expenses? Do you use online cloud storage? Video conferencing tools or online payment processing? Are you paying for a LinkedIn Premium plan or other subscription packages? All things you can itemize for deductions.
Third, what about travel for conferences? To qualify as a business cost your travel must be away for at least a full day’s work. The travel also can’t be too lavish or extravagant or for personal purposes. That said, you could write off hotel or lodging expenses, shipping of business materials for the work, airplane tickets, rental cars, and more.
Fourth, what about insurance costs? You can write off any insurance premiums that are deemed necessary for your business. Corporate vehicle, key man, malpractice, disaster, etc., could all be deducted.
There are many other things you could look at, but hopefully this gives you some thoughts to take to your tax specialist.
As always, if you have questions about your overall financial strategies, please give our team a call!
*Content Provided By Bill Good
