Yes, You Can Write That Off! 8 Surprising Tax Deductions for Your Business

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“To me, working with children runs in my blood. I love kids and can’t imagine working with anyone else. They are amazing, unique, and honest. Teaching them and seeing them grow is what motivates my work.”

– Evelyn Catalina Sanchez

With 40% of businesses being women-owned, Ascendus is proud to celebrate March as Women’s History Month and recognize all of the female small business owners like Evelyn, who we’ve had the pleasure to know and provide funding for.

Owning a business has its rewards and challenges – tax season being one of them. This month, we’re sharing eight tax write-offs you might not know about to help you save during tax season. These deductions can be claimed by sole proprietorships, LLCs, C-corps, S-corps, and partnerships.

  1. “Beneficial business items”: if you can document the reason for something used to benefit your business, you can usually get a tax deduction for it. For example, if you buy children’s books for your daycare, you can write it off.
  2. Babysitting costs: If you’re able to report the name, tax ID number, and address of the person or organization providing babysitting services, you might be able to receive a tax credit for the cost of babysitting.
  3. Taxes: You can write off the federal, state, and/or local taxes for your business; including employer and state unemployment taxes.
  4. Utilities: Any utility that you use to help run your business is fully deductible. Water, electricity, phone, internet bills, etc. can all be written off
  5. Advertising and Marketing: running Instagram or Facebook ads? You can write off any money spent on advertising and marketing, including anything paid to a freelancer or designer for business cards, logos, or other branded materials.
  6. Employee Gifts: You can deduct employee gifts for up to $25/year per employee.
  7. Auto Expenses: if you have a car for business use, you can write off gas mileage and car expenses, for up to 65.5 cents per mile.
  8. Office Supplies: whether you have a home office or a brick-and-mortar location, you can write off anything that you’d consider an office supply. Pens, pencils, paper, printer ink, even electronics

Did any of these surprise you? For more tips on lesser-known tax deductions, check out this article by nerdwallet, or this article by TurboTax.

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