5 deductions everyone should take (and 3 you shouldn’t)

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.

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