Entrepreneur Biz Tips: Tax Write-Offs

Do you have a small business? Would you like for it to grow?

Maybe you’d like to use social media to grow your business or brand. Are you working alone and needing some extra help in the form of a virtual assistant? These are things you may want to consider as your business moves to the next level.

Finances are another important aspect of being in business.

Whether you are a small business owner or an entrepreneur flying solo, you still have to file taxes. There is just no getting around it. However, there are ways you can make this process more positive. Tax write-offs are part of this, but you have to know just what you can write-off before you start counting expenses that aren’t permitted.

With tax season just around the corner, here are a few tax write-offs you might want to consider when you file with Uncle Sam this year.

1. Were you searching for a job?

Maybe you were out of work in the previous year, but looking for a new gig. Some expenses that you incur during a job hunt are tax deductible. Check with your tax professional to see if the expenses you had might be acceptable deductions.

2. Did you attend school?

Higher ed expenses such as tuition and tuition-related expenses are sometimes deductible. You might also be able to count off interest paid on student loans. Do your research and see if there are options available to you if you were a student in the previous year.

3. Did you purchase a home?

Mortgage interest can be part of your itemized deductions as well as other home ownership-related expenses. Property taxes, interest paid on loans of home equity are just a couple.

And if you’re thinking of buying a home this year, keep good records of all documents because they will come in handy next year for tax time.   

4. Were you ill?

If you ended up having medical and dental expenses, and they were a certain percentage of your income, that might be tax deductible.

It’s always good to check with your tax pro to see if any expenses can be counted off. Just make sure you save all medical documents and take them with you when you get your taxes prepped.

5. Were you generous?

If you made donations to charities or other nonprofit orgs in the previous year, you can count these off. Keep receipts and share them with your tax professional.

It’s important to remember that these are just some general things to consider when you sit down with your trusted tax professional. Small businesses and solopreneurs need to stay informed when it comes to taxes because you don’t want to end up paying more than you should.

Finances are just one piece of the puzzle when it comes to running a business. Another important aspect that you can’t afford to ignore is online marketing. Here at Loud Media Solutions, we can help you grow your brand and your business online. We have the experience and know-how to take it to the next level. We can make your messages loud!

Do you have an online marketing strategy in place for 2014? Don’t let the year pass by without getting your ducks in a row! Contact us or leave a comment and let us know your thoughts?

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