Calling all Dreamers, Jack of all Trades, and Entrepreneurs! Turn whatever you love to do into a legit business. A Business is defined by the IRS as an “activity carried on for a livelihood or in good faith to make a profit.”
And with that, you can deduct expenses that are considered both ordinary and necessary to carry on your business.
Here are a few expenses that create the most bang for your BUCK:
- Home Office Deduction – Whether you rent or own your home, you can deduct expenses in order maintain your home office. Think money spent on rent, mortgage interest, utilities, property taxes, etc. which will be allocated based on the square footage of your home office.
- Business related vehicle mileage
- Business related expenses while on vacation – Turn a couple of days on your vacation into handling business (i.e. having business meetings with potential clients or attending a conference.) A portion of your airfare, hotel, and even meals & entertainment can be deducted related to business activities.
- Advertising/Website Fees/Licenses/Professional Memberships
These are just a few examples BUT if you incur any expenses to make your business a success, you probably can deduct them! If you have any questions, don’t hesitate to reach out to your Friendly CPA (Me- Danielle Robinson).
