I’ve recently been pushed by some of my friends and family to bridge the gap between my finance and accounting degree and my photography business. With 5 years experience in public accounting as an auditor and experience as an accountant for a large law firm here in the DC area, I understand the push to bridge the gap. I have had to opportunity to learn first hand accounting best practices and procedures in place for large corporations and/or businesses before starting Rhea Whitney Photography. Tax write offs for entrepreneurs is always a hot topic around this time of the year. I also understand that for many entrepreneurs/creatives, the financial side of the business is not an activity that one most looks forward to, knows how to navigate or knows how to handle. However, having a basic understanding of financial operations is imperative when it comes to building a successful business, as we all know!
All in all, I’m a total numbers freak! I LOVE math primarily because there is ALWAYS a definitive answer. I have a finance degree from Howard University and participated in a dual finance and accounting degree program at Hunter College after graduating. I was also raised by a mathematician who instilled very strong math skills in me at a young age. Let’s just say spitting my multiplication facts was one of my favorite past times as a kid. HAHA!
Here are 15 tax write-offs for entrepreneurs that I believe every business owner should take advantage of if applicable. Tax season is upon us and I want to try and help share some valuable information to my fellow business owners to make sure they are properly accounting for their business expenses.
15 Tax Write Offs for Entrepreneurs
1. Advertising Costs (i.e. Wedding Wire, Facebook ads)
2. Supplies (i.e. printer papers, pens, memory cards, batteries)
3. Business travel expenses (i.e. airplane tickets, rental car)
4. Insurance (i.e. business insurance)
5. Equipment (i.e. camera lens, computer, camera body)
7. Legal fees (i.e. contract revisions, legal advice)
8. Gas for business travel
9. Portion of Celluar fees*
10. Portion of your home office cost (i.e. rent/mortgage)*
11. Computer Software (i.e. Adobe Suite, 17 Hats, Photomechanic)
12. Portion of your internet cost*
13. Portion of your car maintenance fees*
15. Donations/Charity work
* -You must determine the percentage of business use for this item. For example, I have a car and am a full-time photographer so about 60-70% of my car expenses are business related.
Because I am knowledgeable and have a degree in accounting, I file my taxes myself, using Turbo Tax. I love how easy I’m able to file my taxes through their automated system. Before I begin the process, I review and categorize my expenses and prepare my financial records as thorough as possible. I suggest Turbo tax too because they really do make it super simple and asks lots of questions to best prepare you tax return. However, if you don’t feel comfortable using a computer program, I would highly suggest seeking out a current tax professional/accountant and investing in their services for proper tax preparations. That’s a great investment and worth it!
I hope this information is helpful! Check back next week for more financial tips for business owners. I’ve got a lot of great tips to share! 🙂
*Disclaimer: These are just my personal suggestions. I am not a CPA or a current tax professional, but based on my accounting and financial and education knowledge, I want to provide tips that could potentially be helpful.*
Image of Event Planner, Shalyce, of Sensational Soirees.