|
Category
|
Write-Offs
|
|
Car Expenses
|
⛽️Gas, Tires, Insurance, Repairs, Car washes
|
|
Home Office
|
Rent/Mortgage (business portion), Utilities (business portion), Office supplies, Home repairs (business portion)
|
|
Technology
|
⌨️Laptops, Phones, Monitors, Keyboards, Software, Internet
|
|
Phone Expenses
|
Business calls, Texts, Data plans
|
|
Supplies
|
️ Pens, Paper, Industry-specific tools
|
|
Meals
|
️ Business lunches, Client dinners, Coffee (while working)
|
|
Travel
|
✈️ Flights, Hotels, Meals, Transportation, Laundry
|
|
Education
|
Classes, Textbooks, Conferences, Business podcasts
|
|
News & Subscriptions
|
Industry publications, Software subscriptions, Professional memberships
|
|
Marketing
|
Flyers, Business cards, Website fees, Social media ads
|
|
Hiring Help
|
Virtual assistants, Graphic designers, Other contractors
|
|
Legal & Professional Fees
|
⚖️ Lawyers, Accountants, Consultants
|
|
Insurance
|
️ Liability, Business interruption, Health insurance (self-employed)
|
|
Loan Interest
|
Business loan interest
|
|
Startup Costs
|
Up to $5,000 in initial expenses
|
|
Self-Employment Tax
|
Deduct half of self-employment tax
|
|
QBI Deduction
|
✨ 20% deduction on qualified business income
|
|
Retirement
|
Deduct retirement contributions
|
|
Business Losses
|
Deduct business losses from income
|
|
|
Remember: Consistency is key! By diligently tracking your expenses and claiming eligible write-offs, you can significantly reduce your tax burden and boost your bottom line. So, keep those receipts rolling in and conquer tax season like the self-employed superstar you are!
I hope this checklist is helpful. Please let me know if you have any other questions or requests.
Remember: Consistency is key! By diligently tracking your expenses and claiming eligible write-offs, you can significantly reduce your tax burden and boost your bottom line. So, keep those receipts rolling in and conquer tax season like the self-employed superstar you are!
I hope this checklist is helpful. Please let me know if you have any other questions or requests.
