5 Write Offs For A Business Owner You Didn't Know Of
Brought to you by the Greater Mishawaka Auto Auction
Everyone knows that there are two sure things in life… Death and Taxes. For now, we’ll ignore the first and focus on the ladder. Taxes can be very difficult, confusing and downright irritating especially if you’re not exactly sure how to maximize your deductions. As a business owner, you want to augment every cent coming in and out of your company especially when it comes to paying your taxes and implementing the right deductions.
Thankfully for you, we have the answers on the Best Write Offs for Business Owners that You Didn’t Know Existed
Office Supplies
If your business has a physical space such as an office building, you may be able to use certain Office Supplies as a Business Tax Write-Off!
From computers to software, these types of write-offs can be very beneficial especially as your company grows!
Cell Phone for Business Calls
If you own a business and use a cell phone to make any sort of professional communication, you can use this as a Tax Deduction. In some cases, you can actually write off 100% of your phone bill, saving you a great deal of money per year.
Health Care Premiums
If you provide Health Care for your employees, these expenses are Deductible for your Taxes. Any of the premiums that you pay through your business will absolutely benefit you when it comes to the end of the year. These Write Offs are acceptable through Federal Insurances and through State Insurances.
Business Travel Costs
Business Travel Tax Write Offs are generally one of the most forgotten about regardless of the fact that, depending on how often you travel, it is one of the biggest Deductions that you can claim. Plane tickets, train tickets, bus tickets, baggage fees, rental cars, hotels/Airbnb’s and even laundry and dry cleaning costs can be written off. It’s like getting paid to travel and you just can’t beat that!
Moving Expenses
If your company moves to a new state, city or even just down the road, you can write these expenses off. Again, this is purely for job-related reasons. If your company works is run out of your home and you move to a new living space, this can also be written off to a certain extent. As a business Owner, Moving Expenses can be deducted up to 100%, including packing, loading and even transportation.