The top reasons people pursue self-employment? Increased independence and better income rank way up there. But there are a number of smaller side-benefits to small business ownership that you might not think of all the time–but that are still pretty great! For example, one such perk is the ability to write off business expenses. Here are the top 3 tax write-offs for small business owners:
#1: Automobile expenses
Though gas prices have fallen dramatically in recent months, driving is still a huge expense due to factors such as maintenance, insurance, registration, tolls, parking, and more. (Plus, let’s not fool ourselves–gas is still a big expense, and the prices could rise at any moment.) Fortunately, all travel related expenses (even short trips within your own town or city) can be written off as long as they are related to work matters.
#2: Business uses of the home
Most small businesses begin as home operations. That’s why this write-off possibility will come as welcome news to many self-employed workers across the country: any time a work related expense is incurred in your home (telephone lines, internet connections, office modeling, etc.) that expense can potentially be written off.
#3: Educational expenses
There are so many people out there who would love to further their educations, but balk at the enormous price tag attached to higher learning. Thankfully, for those who are self-employed, educational expenses can oftentimes be written off if they are related to improving the business.
One last word on write offs…
It’s important to remember that these are just three of a number of important expenses that potentially be written off by business owners. It’s also important to remember that further research is necessary. This article by the popular tax software company TurboTax is a good place to start.
Franchise Logic–Turning Dreams into Reality
Have you been dreaming of self-employment? Franchise Logic can help set you on the path to achieving those dreams. Contact Careyann Golliver today for more information. You can visit www.franchise-logic.com or call 303.359.4021.