Do you wonder what can you write off on your taxes? There are indeed some items you can write-off on your taxes if you have a business. We just need to determine what these are so we can reduce our taxes. In this article, we give you some examples of things you can use to lower your taxes.
5 Things You Can Write-Off From Your Taxes
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Deductions or write-offs can help lower your taxes – you just need to know what they are. Here are 5 things that you might not know are write-offs:
1. Food and Leisure
Write off meals you have in relation to your business. You can consider professional meals related to your business such as taking out your clients for a meal. Leisure, meanwhile, refers to taking out any person related to your business out for some activity.
- Only 50% of meals and leisure are deductible.
- Dinner with clients or colleagues count.
- Meals while traveling for business count.
2. Home Office
Home office expenses can be a write-off. This refers to any expenses related to your home office set-up. A home office should be a designated, roomed area in your house where you do business.
- The home office should be used daily.
- It can’t be a space that’s also for personal use like a guest room.
- Talk to a CPA about calculating home office write-offs.
Teachers will get to keep the $250 tax write-off for spending their own money on classroom supplies. Graduate students’ tuition waivers will remain tax-free in the final version of the House-Senate tax bill. @CTULocal1https://t.co/e32GRlzVy8
— arlenegloria (@arlenegloria) December 26, 2017
Any material used to further business can be written off. Business-related learning costs are considered deductible on your taxes. Some common tax deductions are:
- workshops, training, and online courses;
- seminars, conventions, and summits;
- books, ebooks, audio books and similar subscriptions; and
- newspapers, magazines, and reference materials.
4. Phone Bills
Business is done over the phone and can be written off. You can use business-related phone expenses as deductions to your taxes. It is advisable to dedicate a phone for business purposes so as not to confuse it with your personal usage.
- Track business phone usage.
- Track percentage of business and personal use.
- Calculate the percentage from your phone bill.
- Figure out the amount to write off.
A technology used for business can be written-off. Any program or software cost related to your business can be tax deductible.
- Accounting and Inventory Management Software.
- CRM Apps and software.
Don’t forget to download, save, or share this handy infographic for reference:
Taxes can sometimes be a burden on your finances. However, knowing some tax procedures can help you lower your taxes. It is still advisable to seek the help of a tax professional to ease your burdens on your taxes.
For more tips on how to manage your taxes, visit taxhelpsol.wpengine.com
Do you have other suggestions on what you can use to write-off taxes? Please let us know your thoughts by leaving a comment below.
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