It’s here agin – Tax time!!! And most of my team asks me every year around now “What can I write off for my business and what can’t I write off?
I do the taxes myself. One day I’ll be a millionaire and will pay someone to do all that but not yet 😉 so, I wanted to pass on the information that I know will help you in doing your taxes or tracking your income/expenses this coming year for next year’s taxes.
NOTE: The information contained in this post is simply meant to help you understand home office deductions. You should speak with your accountant or other tax professional for guidelines and guidance specific to you and your home based business.
Basically, you can write off any expense you spend that goes towards earning money or trying to earn money. Office supplies, postage, biz cards, online expenses like GoDaddy or any advertising. Miles you drive or travel if you go to any events (super Saturday, etc). Only clothing that has the Beachbody or other logo for Shakeology, workout programs,or dvds, etc can be written off. If you purchase a product, and then turn around and sell it, obviously… and any giveaways you buy for your customers or team members.
If you have a dedicated are in your home set up as your home office there are lots of deduction there as well – you can read more details on that in my other post specific to maximizing home office deductions by clicking here.
Here are some other specific questions I hear a lot: