Save Hundreds of Dollars on Taxes!
The Most Commonly Overlooked Business Tax Deductions For Small Business Owners, Side-Hustlers, Entrepreneurs, and Contractors!
If you’re ready to start saving hundreds of dollars in taxes each year, you may want to keep reading!
Did you know that small business owners can turn common everyday expenses into business tax deductions?
Small business owners overpay in taxes because they’re often not aware of the many tax benefits available to them. Yikes! Here are some often overlooked (but crucial!) business tax deductions you can use to lower your tax bill and start saving a ton of money on taxes⬇️
If you’re a small business owner then you probably use a space in your home for business. This can be a home office or a spare room, garage, or basement used to store inventory. The thing is, since you’re using a space in your home for business, parts of your home expenses can be deducted.
So let’s say your home office is 30% of your homes total square footage. This would mean that 30% of your home expenses could then be deducted as a home office business expense. If your rent is $1,000 a month, then you’ll be able to deduct $300 a month in home office expenses. 30% of your home maintenance expenses and even utilities may now be deductible.
This can result in huge tax deductions for small business owners. And if you purchased furniture for your home office like a desk, chair, or even a filing cabinet, then you’ll be able to deduct these expenses as well!
Don’t forget to deduct your subscription payments as business expenses! This is another one of those commonly overlooked tax deductions. For example, if you use Adobe pdf for business documents, your Adobe subscription may be deductible! This includes any Microsoft subscription fees, website hosting fees, and even professional membership fees.
You’re probably always emailing, texting, or calling your customers/clients on your cell phone. This is considered a business expense! If you use your phone for business then you can deduct your business use as a business expense. It’s important to keep in mind that you must allocate out any personal use from your deduction.
For example, if your phone bill is $100 a month, but you use your phone 50% for business, then you’ll be able to deduct $50 ($100*.50) a month as a business deduction. This can also apply to the cost to purchase a phone for business or any necessary accessories needed for business purposes.
Deductions for travel related expenses can be a HUGE area for potential tax savings. Heading to a conference to network with like-minded individuals in your industry? This could be a tax deduction! Going out of town to attend a training to improve your skills? This could also be a tax deduction!
The things is, when you travel for work, almost all of your expenses while you travel may be deductible. Your flight, hotel costs, transportation to/from the airport, and even business meals can be deductible! Travel costs are usually pricey and are a great way for small business owners to lower their taxable income. Quick tip, business meals are 100% deductible until Dec 31st, 2023. After that, business meals are only 50% deductible.
This is only a small dose of potential tax savings you could be missing out on. If you’re ready to stop overpaying on taxes and start saving BIG this tax season, your first step is to secure our FREE list with over $100K in tax deductions! Yes, you heard that right! You’ll receive a complete listing of business tax deductions.
Get yours here!
Remember to always consult with a financial advisor or tax preparer prior to making any tax or financial decisions.
