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  • Writer's pictureDayna Dumont

Tax Write-Off Examples for Your Small Business

Are you looking to save money this year? Who isn't? Between the rising cost of groceries and gasoline, something’s got to give. One of the simplest ways to reduce your income tax bill is to ensure that you take advantage of every tax write-off to which you’re entitled.

We've compiled a list of tax write-off examples to help you make sure that no stone is left unturned this tax season. Let's start with some of the most common tax write-offs and then we'll explore some of the lesser-known examples:

Common Tax Write-Off Examples

Office Supplies – Items used in your business's day-to-day running, such as stationery, pens, stamps, etc.

Business Supplies – Items used within your business to perform a service which could include tools used by an electrical service, food for a restaurant, etc.

tax deductions - tax write-off examples

Marketing/Advertising Fees – Materials and services used to market yourself and your business, including business cards, television and radio ads, web hosting, website domain name costs, etc.

Rent/Mortgage – Monthly rent and mortgage payments for the property or land used for your business.

Home office ­Your home office can also be a tax write-off. The amount to be deducted is determined based on your home's square meters versus your office's square meters. For example, if your home is 4,000 square meters and your home office is 400 square meters, you can claim 10% of your home office expenses as a small business tax write-off.

Telephone & Internet – Electronic services such as your cell phone or internet services can be claimed as tax write-offs.

Utilities – Expenses for utilities such as electricity, gas, heat, water, maintenance, etc.

Meals – Expenses such as taking your client out for dinner or to an event can be claimed as small business tax write-offs.

Travel – Travel expenses such as airplane tickets, expenses associated with business seminars, and the cost of meals while travelling can also be claimed as small business tax write-offs.

Professional Fees – Fees associated with tax preparation, bookkeeping, and lawyer’s fees are all examples of small business tax write-offs.

Unique Tax Write-Off Examples

Bank Charges and Interest – Bank charges and interest fees on loans borrowed for the business can be claimed as a tax write-off.

piggy bank - tax write-off examples

Bad Debts – Money you have been unable or do not intend to collect is also eligible as a small business deduction. Fees associated with collection efforts would also qualify as an expense.

Health Service Plans – Health service plans paid for employees (and their dependents) can also be claimed as a small business tax write-off.

Property Tax – Property tax for the building and land where your business is run can be claimed as a small business tax write-off.

How Do Tax Write-Offs Actually Work?

Tax write-offs are expenses incurred throughout a tax year that reduce income tax you owe. Small business tax write-offs hinge on the following:

1. Claiming as many expenses as possible to reduce the tax paid on your income; and

2. Tracking throughout the year to ensure to account for all expenses

Paying attention to the income and expenses flowing in and out of your business on a month-by-month basis will assist in organizing your small business tax write-offs.

Start Maximizing your Tax Write-Offs Today

The first step to maximizing your small business tax write-offs is to know which expenses are eligible for write-offs (this post gave many examples to help!). The second step would be to hire a tax preparer and/or a bookkeeper that can keep you on track throughout the year – making your tax season a breeze!

If you're searching for a new tax preparer to trust this season, we can help! Contact us today, and we'll assist you in maximizing your tax write-offs for your upcoming tax return.



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