10 Tax Write-Offs Every Business Owner Should Know About

Tax season is coming! 🎉 (Okay, maybe that’s not exciting—but saving money is!) If you’re a business owner, you don’t want to miss out on these 10 tax deductions that can help lower your taxable income and keep more cash in your pocket. Let’s dive in!

1️⃣ Home Office Deduction 🏠💼

If you regularly and exclusively use part of your home for business, you may be able to deduct a portion of your rent, mortgage interest, utilities, and even internet costs. Just make sure your “home office” isn’t doubling as a game room! 🎮

2️⃣ Self-Employment Tax Deduction 💰

Being your own boss means you pay both the employer and employee portions of Social Security and Medicare taxes. But good news—you can deduct half of that tax when filing! A little relief for the solopreneurs out there.

3️⃣ Marketing & Advertising 📢

That website, those Facebook ads, and even those eye-catching business cards? All tax-deductible! Keep track of these expenses throughout the year to claim them on your tax return.

4️⃣ Depreciation Deduction (Section 179) 🖥️🚗

Did you buy business equipment like a laptop, office furniture, or even a work vehicle? Instead of deducting the cost little by little over time, Section 179 allows you to write off the full cost in the year of purchase.

5️⃣ Qualified Business Income (QBI) Deduction 📊

If you own a sole proprietorship, LLC, partnership, or S-corp, you may qualify for a 20% deduction on your business income! This one can be complex, so double-check with a tax professional to maximize your savings.

6️⃣ Vehicle Expenses 🚗💨

Do you use your car for business? Whether you track mileage or actual expenses (gas, maintenance, insurance), you can deduct these costs. Just don’t try to claim your daily Starbucks run unless it’s actually a business trip!

7️⃣ Travel Expenses ✈️🏨

Flights, hotels, rental cars—if you’re traveling for business, these costs can be deducted. Just make sure your “business trip” to Hawaii includes actual work. 🌴😉

8️⃣ Business Meals 🍽️

Taking a client out for coffee? Meeting up for a lunch meeting? You can deduct 50% of the meal cost. Just keep the receipt and make sure it’s a real business discussion—not just catching up on reality TV drama.

9️⃣ Employee Wages & Contractor Payments 👩‍💼👨‍💻

If you have employees or hire independent contractors, their wages and payments are fully deductible. Keep good records to ensure smooth tax filing.

🔟 Employee Benefits 🏥💰

Offering health insurance, retirement plans, or other benefits to employees? These costs are tax-deductible, making it a win-win for both you and your team!

Before You Go... 🚨

📌 Tax laws change frequently, so always check with a tax professional.
📌 I’m a bookkeeper, not a CPA—I help you stay organized, but I don’t file taxes!

Want to make tax time stress-free? I offer bookkeeping services to keep your finances in check all year round! Give me a call at 252-241-5142! 😎💼