My Favorite & Best Useful Tax Writes Offs as an Entrepreneur
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My Favorite and Most Useful Tax Write-Offs for Business Owners
Hello friends!
I know tax season is over for most of us, but for some, it’s still going on. I was just wrapping up mine with my accountant when I thought, why not share my favorite and most useful tax write-offs with you all? You may have heard of some of these, but I’ll tell you why they’re my favorites and why they’re so helpful. So, let’s jump right in!
Business Vehicle
When it comes to a business vehicle, I like to be comfortable while handling my business needs. I actually have different vehicles for different types of business tasks. For example, I have a pickup truck for going to job sites, picking up supplies, or transporting items that won’t fit in a regular car. Using these vehicles for business means I get to write off not only the vehicle but also mileage, gas, and maintenance costs. This write-off saves me a good chunk each year!
Depreciation
Depreciation is super useful because there are lots of things you’ll need to operate your business. I’m planning to open a gym soon, and when I do, I’ll write off all the equipment—workout machines, TVs, tech gear, everything. It’s exciting to think about this new venture! (If you want, I can even do a YouTube video series on the process. Let me know in the comments!)
Travel Expenses
Entrepreneurs often travel a lot—whether it’s visiting suppliers, attending meetings, or exploring new opportunities. All those travel expenses can add up, so being able to write them off is a huge help. Some business trips can even be fun while still being necessary.
Meals and Entertainment
This write-off only covers 50% of the cost, but hey, something is better than nothing! I like to take my staff out for lunch after a tough day or when the workplace vibe needs a boost. Also, business meetings often happen over meals. I believe every team member is important, so treating them now and then is worth it. Sometimes I even rent out a gym or do team-building activities, which count too.
Professional Services
Lawyers and Accountants
You’ll need professionals to help run your business right. I rely heavily on my accountant to keep everything in order and make sure payroll and taxes are handled properly. My lawyers are essential too—especially my real estate lawyer who reviews contracts and joins me at closings. Always make sure you have experts on your side to protect your interests.
Rent and Lease
For those working from home, the rent write-off can be a lifesaver. I did this early on before my business grew and I needed office or retail spaces. Now, I rent multiple spaces for my business and get to write off those rents and any equipment I lease as well. This one is very practical and useful.
Education and Training
Early in my entrepreneurial journey, I realized I needed to upskill—especially in marketing and team building. I took courses and classes to improve myself, and because they were for business purposes, I was able to write off those expenses. Investing in yourself can really pay off and it’s great to get some tax relief on it too!
Interest on Business Loans
The interest on loans and credit cards used for business is deductible. This includes business lines of credit and credit card interest. While paying interest isn’t fun, at least writing it off makes it a bit easier to handle. Just remember, these loans and cards help keep the business running!
Summary
These are my favorite and most useful tax write-offs that have helped me out tremendously. Hopefully, some of these will be useful for you too! Always check with your tax professional or accountant to make sure you’re maximizing your deductions. Thanks so much for stopping by! Please come again and don’t forget to share this blog with your friends and family. Good luck out there!