My Favorite & Best Useful Tax Writes Offs as an Entrepreneur

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I know tax season is over for most of us but for some of us it’s not over just yet. I was just getting around to wrapping up mine. When I was going over them with my accountant. I had a great idea for this post my friends. I want to share with you guys my favorite and most useful tax write offs. You may have heard of most of them but I’m going to tell you why they’re my favorites and why they’re so useful as well. So’ let get to the fun my friends.

Business Vehicle

Now when it comes to a business vehicle, I like to be comfortable driving around handling business. Now I have many different types of vehicles for different types of business. I have a pick-up truck forgoing to different job sites if I’m doing new builds. Or if I’m picking up things for one of my businesses like food, supplies, or maybe some new furniture. Basically, anything that can’t fit into a car that my pick-up truck can handle, I’m on it. By me using it for business I get to write it off. Not only the car but the mileage, gas, and any maintenance I have done to it. So, this one is very useful for me.

Depreciation

So, when it comes to depreciation, this one is so useful because there is a lot of things that you as a business owner will need to operate your business. So, I’m going to let you guys in on some of my plans. I want to open up a gym soon. When I do, I will be able to write off all the equipment I’m going to need for it. All the workout equipment, Tv’s, and all the tech equipment that will be needed as well. I’m really looking forward to this new business venture my friends. Maybe I’ll do like a YouTube video thing on the whole thing if you guys want to see that. Let me know in the comments if you all want to see that.

Travel Expenses

When you’re an entrepreneur travel can be something you are doing very often my friends. Going to see different places, different supplier, and having different business meetings all cost guys. Being able to write it off all the travel expenses that piles up during the year is really a big help. Some of those business trips be really fun and necessary my friends.

Meals and Entertainment

Now with this write off its only 50% off. I like to say something better than nothing and get what you can get and get some more. I’ll take what I can get my friends. But I do like taking my staff out for lunch when it’s been a hard day or when the vibe is off in the workspace. Or when I need to have a business meeting with someone important. Which everyone in my business is important to it. No role is a small role in business my friends. I also like to do other staff outings as well. I’ll do something like rent out a gym to do team activities. things like that my friends.

Professional Services

When you are in business you need people who are professional in some areas. Like my accountant I need him to make sure things are being done correctly and everyone is getting paid. My lawyers as well I really need them. I have a few of them to handle different things my friends. For example, I have one for real estate. She looks over paperwork with me before I sign anything. And she is always with me when I go to close on a real estate deal. You want to make sure you are always in the best position when you are signing paperwork my friend’s doing business.

Rent and Lease

I know some of you guys that are doing business out of your homes may be using this one. Using it to write off some of your rent. I did too when I was working from home as well. But now that business has grown, I needed more space. I had to rent out spaces from others. I rent out multiple space but it ok. Because I get to write it off. I also get to write any equipment I rent for the business as well. So, this one is another very useful one.

Education and Training

When I was in the beginning stages of being an entrepreneur, I realized that I needed to be more educated on some areas of business. I like one area of business I need to improve on was marketing. So, I was able to take some classes on marketing. I took some courses on team building. All kinds of course I was taking. Since they were all for me to better myself for my business ventures, I was able to write them off. Making this one of the best write offs.

Interest on Business Loans

When it comes to the interest on the business loans needed to fund some of my business ventures. I get to write it off my friends. Not even just the loans guys, but the credit cards as well. All the interest on my business credit cards is write offs. Any of my business lines of credit interest is write off as well. So, that makes me a little ok about paying off my credit cards and loans. It’s all much needed to keep the business running so I’ll get it done my friends.

Summary

So, these were my favorite and best useful write offs I’ve been using guys. All of them has really helped me out on my taxes. Maybe some of you guys will find some of these useful as well. You can speak with whoever handle your taxes. This may be really useful for the ones doing their own taxes. But we are at the end guys, I just want to say thanks to anyone here. Please come again and tell your friends and family about the blog if you don’t mind. Good luck out there!