Tax season is often a burden for small business owners. There are so many details to remember — and so many ways we need to keep track of our business finances. At With Grace and Gold, we use a combination of 17Hats and a hired accountant. Together, we are able to tackle tax season seamlessly! Today, we’re sharing a few easily-overlooked tax write-offs to guide you in the upcoming tax season.

Office Costs

1. Office Space: Renting or Owning
2. Office Supplies: Printers, Copiers, Paper, Desks, Software, Filing Cabinets
3. Web Services: Internet, Email Services, Website Hosting, Software Programs
4. Shipping: Postage, Stationery, Envelopes

Team Expenses

1. Payroll
2. Insurance and Vacation Pay
3. Employee Reimbursement for Auto Expenses
4. Fees to paid to Subcontractors
5. Employer Contributions to Retirement Plans

Operating Costs

1. Cellphone Bills
2. Advertising and Marketing Costs
3. Liability Insurance
4. Federal, State, Local, and Foreign Taxes that are directly attributable to your business
5. Attorney, Accountant, and Consultant Fees
6. Promotional Investments: Business Cards, Banner Ads, SEO, Sponsorships, Etc.

Travel & Entertainment

1. Conferences or Business Meeting Expenses
2. Milage to and from Business Meetings
3. 50% of Meals and Entertainment for Clients (ie: 50% of Coffee Dates with Clients!)
4. 100% of Foreign Travel Expenses
5. Airfare, Auto and Taxi Costs, Lodging, Food

Are you getting ready for tax season? How did you prepare all year?

 
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