SubscriptionsĪs you begin to scale your business, the amount of subscriptions you end up with–either out of necessity or just to make things easier–is insane. In my opinion, this is one of the best tax write-off opportunities for small business owners! Start putting together a budget for your business and make sure that there is a line item for continuing your education! Whether you join a mastermind, buy a course, invest in a mentorship … all these things can be written off at the end of the year and are incredible ways to keep learning and growing. Whether you’re picking up stamps or shipping something that requires more cash, make sure you’re keeping track of all the things you need to send in via the mail, UPS or FedEx. If you frequent the post office sending packages to clients or colleagues, those expenses are write-offs as well. This is quite the catch-all category, because honestly, there are so many different kinds of office expenses! Printer ink, paper, office furniture and decor … there’s even a home office deduction if your office is based out of your house. These things are super easy to track as long as you have a separate business checking account or credit card. My plane ticket, lodging, Uber rides and car rentals are all things that can be written off come tax time. Headed out of town for a meeting or appointment? Flying somewhere fun for a conference? That’s all tax deductible!Įvery few months, I get together with a group of women to workshop, dream, and plan for our businesses. It makes it incredibly easy to track drives that can be filed under business expenses, and forget the ones that can’t. So why do so many people overlook mileage as a business expense? It can feel really overwhelming to know how to track it all. Multiply this by your annual mileage, and that equals money back in your pocket.īut remember: while you can write off business drives, you can’t write off what would be considered your commute, or driving from your home to your primary business address. Every year, the IRS sets a mileage reimbursement rate. ![]() Thank you for your support!Īll those trips across town to Target or the Post Office for work-related errands add up! Don’t forget to keep track of your mileage throughout the year to take advantage of this write-off. I would never promote something I have not tried myself and love. ![]() This means that at no additional cost to you, I earn a commission through some of the things you purchase. This post contains affiliate links + discount codes for things I love. ![]() Too often, business owners forget these things are deductible, and in doing so they’re leaving hundreds–or even thousands!–of dollars on the table. Luckily, the government helps out small business owners (well … a little bit □ ) by allowing us to write off things that are necessary or make business much easier. As your business grows and makes more money, you’ll likely find yourself with a growing list of expenses as well.
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