Taxes suck. But when the tax man comes. Sorry for the fragmented sentence, that’s really all he does, is come and then you have to pay him. But there is a light at the end of the bank account decimating tunnel: Write offs. That’s right, running a business and contributing to society costs you money. So you shouldn’t have to pay taxes on the money you spend running your business (disclaimer: talk to your accountant about this).
So what type of items can a business owner / professional write off?
Yes! If you use the Internet to conduct business and you probably do, then you can likely write it off. Whether you pay for it through a monthly service provider or you use it while traveling on a plane or at Starbucks, so long as you were using it for work, you are solid.
Moving for work can incur a ton of expenses, many of which can be written off. Hotels, gas, and food to some degree.
Do you travel for business and you do not receive reimbursements? A fantastic write off right under your nose.
Memberships and Education.
If it relates to a subject that you deal with at work, or maybe even a part of a new endeavor, then it can be written off. Many online sources now charge for education, if you partook in one, say, to learn Excel or to learn HTML, you can probably write this expense off. Education is a huge part of you and your business!
Hosting and Domains.
Did you buy your own name.com to put up your resume on? Or did you come up with a cool idea and grab a domain? Did you also pick up hosting as an add-on? A domain and hosting is the needed infrastructure for any business or professional presence. Write it off folks.
Obviously do your research and it is always best to ask your accountant. But know your allowances and use them wisely. Happy tax season!