This article by the popular tax software company TurboTax is a good place to start.įranchise Logic-Turning Dreams into Reality It’s also important to remember that further research is necessary. It’s important to remember that these are just three of a number of important expenses that potentially be written off by business owners. Thankfully, for those who are self-employed, educational expenses can oftentimes be written off if they are related to improving the business. There are so many people out there who would love to further their educations, but balk at the enormous price tag attached to higher learning.
That’s why this write-off possibility will come as welcome news to many self-employed workers across the country: any time a work related expense is incurred in your home (telephone lines, internet connections, office modeling, etc.) that expense can potentially be written off. Most small businesses begin as home operations. (Plus, let’s not fool ourselves-gas is still a big expense, and the prices could rise at any moment.) Fortunately, all travel related expenses (even short trips within your own town or city) can be written off as long as they are related to work matters. Though gas prices have fallen dramatically in recent months, driving is still a huge expense due to factors such as maintenance, insurance, registration, tolls, parking, and more. Here are the top 3 tax write-offs for small business owners: But there are a number of smaller side-benefits to small business ownership that you might not think of all the time-but that are still pretty great! For example, one such perk is the ability to write off business expenses. The top reasons people pursue self-employment? Increased independence and better income rank way up there.
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