What Business Expenses Can I Write Off?

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Tax time is here.

Does that statement fill you with stress?

For most people it does. I just want to say upfront that I am not a tax professional and this is not tax advice in any shape or form. What I am is a fellow small business owner and like you are wondering what business expenses can I write off? According to Bench.co and Cogent Analytics, here is a short list of what is currently deductible with the new tax laws that went into effect this year:

  1. Office Snacks & meals

  2. Company Wide Party

  3. Banking Fees

  4. Donations to Charity

  5. Advertising Deductions

  6. Convention and Trade Show Attendance

  7. Business and Business Vehicle Insurance Premiums

  8. Home Office Expenses

  9. Professional Costs like bookkeeping and legal fees

  10. Interest on Business Credit Cards and Business Loans

  11. Education Expenses

  12. Wages and Salaries

  13. Taxes Previously Paid

  14. Non-Cash Rewards and Gifts

This is just a short list of what you can write off according to these sites. Do you have a tax professional to help you get this squared away? if not check out The Endorsed Local Provider program that is on Dave Ramsey’s site. It is a location specific directory where you can research professionals who have this expertise to help you get through this tax season stress-free. And if you need help to get your books in order to give to your tax professional I am always here to help.

Keep it Sunny!

Help Wanted

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I hope you are enjoying the holiday season with your family. This time is very magical and filled with fun. I hate to bring up taxes right in the middle of this fun time of year but hey we are business owners and it’s that time. :)

So do you have a CPA?

If the answer is no then check out Dave Ramsey’s ELP program. ELP stands for endorsed local provider and this is where you can start researching and hopefully find a CPA for your business.

I know you don’t want to think about this but it’s good to get this taken care of so you won’t be in a panic once the new year starts.

Keep It Sunny!