Whether you’re new to owning your own business or a seasoned vet, taxes can be so stressful. It’s easy to overlook things or simply forget an item here and there.
When you’re gathering all your information come tax time, there are several things you can and should use as write-offs.
Depending on how much money you earned in the last fiscal year, you could be looking at paying the IRS a significant amount of money. These write-offs will help balance that, since it’s money you have invested into your business.It’s important to know that if you’re employed by a company and working from home, you are no longer able to take the home office deduction.
You can also deduct actual car expenses, which might include gas, parking fees, repairs, oil changes and insurance. You would figure out the percentage you used your vehicle for business, then deduct 33% of your car’s expenses. You’ll need to document and have receipts for all the expenses.In calculating your phone and internet deduction, you’ll have to figure out the percentage you used both for business and personal use.
Other items you might consider deducting include rent, office supplies, business insurance, start-up costs, equipment and meals.
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