What can I write off?

To explain what deductions you can “write off”, we first need to define what that means.

“Business expenses” are anything that goes into the production of income.

Ok, so what is “income”? Income is money received from providing services or selling products to your customers. See, accounting is easy!

There are common expenses (insurance, office supplies, phone), but also deductions that are unique to your business. I’m an accountant, so I can’t deduct dog biscuits. But a dog groomer would be able to deduct pet treats. Yes, that training trip is deductible, so is part of your home office. Don't forget to track your business mileage.

Capturing all of your legitimate business expenses is the best way to save taxes. Good bookkeeping software and a separate business bank/credit card are the best way to keep track.

Have specific questions? Please contact me for a complementary 15 minute meeting. I look forward to learning about your business!