When it comes to businesses expenses, are you deducting all that you could from your axes? Are you sure you’re deducting the right items?
Here are 5 things (nearly) everyone can expense, and 3 that (almost) everyone can’t:
Marketing
- Advertising: social media ads, business cards
- Giveaways
Education
- Continuous development
- Webinars
- Conferences (including travel!)
Office Related
- Website hosting, domain name
- Square footage in your home used as office space
- Office suppllies
Contract Labor For Your Business
- Photographer
- Website designer
- Virtual assistant
Entertainment
- Staff parties (all staff must be included)
- Meals with clients (50% of cost only)
Clothing
- Except for a uniform, clothing cannot be deducted. Even if it’s used as part of your advertising e.g. Instagram posts, fashion blogs
Grooming
- Haircuts / Shaves
- Manicures / Pedicures
- Make up: products nor services (unless you’re a make up artist using the make
up to perform make up services for clients)
Whole Home / Rent Payment
- Only the space used as your office at home can be used as a deduction.
There are 2 ways to calculate:
- $5 per square foot
- % equivalent to office space to overall property.