Tax time is here.
Does that statement fill you with stress?
For most people it does. I just want to say upfront that I am not a tax professional and this is not tax advice in any shape or form. What I am is a fellow small business owner and like you are wondering what business expenses can I write off? According to Bench.co and Cogent Analytics, here is a short list of what is currently deductible with the new tax laws that went into effect this year:
Office Snacks & meals
Company Wide Party
Donations to Charity
Convention and Trade Show Attendance
Business and Business Vehicle Insurance Premiums
Home Office Expenses
Professional Costs like bookkeeping and legal fees
Interest on Business Credit Cards and Business Loans
Wages and Salaries
Taxes Previously Paid
Non-Cash Rewards and Gifts
This is just a short list of what you can write off according to these sites. Do you have a tax professional to help you get this squared away? if not check out The Endorsed Local Provider program that is on Dave Ramsey’s site. It is a location specific directory where you can research professionals who have this expertise to help you get through this tax season stress-free. And if you need help to get your books in order to give to your tax professional I am always here to help.
Keep it Sunny!