I came across this interesting article by Siobhain O’Reilly that describes and helps you with 10 tax writes you can use for your small business. I thought it would be a great article to read if you own a small business and wanted to know what items you can write off for your business.
In their article Siobhain O’Reilly describes the following
1. Capital Assets- Capital assets as described by O’Reilly are items you have bought for your business and will continue to use in the future such as office furniture, computers. But, you can’t write it off all at once you have to do it throughout the year.
2. Vehicle expenses- O’Reilly explains that if you use your vehicle for your business it can be a write off.
3. Advertising- Using advertising for your business can be a tax-write off.
4. Meal expenses- Not all your meals can be tax write offs, but if you are traveling for your business you can write off your meals if its only for business and if your meeting a client it is deductible 50 %.
5. Supplies- All little supply items can be deducted from your business.
6. Professional services- If your business hires an accountant or lawyer or any other professional job to help you out with your business if it a tax write off.
7. Traveling- Traveling is deductable up to 50 % if it’s for business purpose.
8. Employee salaries- If your company has employees working you can use it as a write off.
9. Home office expense- If you run your business from your house you can write off heat, insurance, electricity etc depending the square foot of your office space.
10. Little things- Other little items that are often forgotten about such as membership dues, bank fees etc can be tax write offs as well.
This article is very beneficial if you do not know what tax items can be write offs for your small business have a look.
Nice sharing and such a nice information you share with us.
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