Running your own business is hard work. There are phone calls to make, client meetings to attend, e-mails to send and paperwork to be done, not to overlook the actual job. Then when you add in elements such as maintaining a website that utilizes SEO, has a current blog combined with keeping up a variety of social media sites, it can be easy to let some things slip through the cracks. However, one thing nobody wants to do is overlook ways to save money or at least be able to write off on our taxes.
Taxes, unfortunately, are a part of life and when you own your own business, the amount of paperwork and record keeping necessary can easily pile up. Yet, when tax day arrives those receipts help you save–especially if you take advantage of as many of these opportunities as possible. Here at Page Progressive in Raleigh, we want to help you make the most of your business dollars as well as help you take advantage of all the business potential the Web has to offer.
12 Tax Write Offs for Your Business
- Don’t forget the power of a business website! Whether it is a website redesign, upgrade or perhaps your first foray into the world of the Web is a great tax write off. We would love to help you create a web site that shows the world what you can do. We offer a variety of webpage styles to choose from or we can design something especially for you, will help you with SEO, have people who are happy to maintain your blog so you can spend time with your clients and can manage your Web campaigns so that you can focus on running your business. This is a great tax write off that can take your business to the next level for the upcoming year. Call us to learn more about how we can help you build your business.
- Social Media campaigns and PPC advertisements – Just because this form of ad is online, it does not change the fact that you have invested in your company. If you are looking for a way to help make people more aware of your business and believe that an online campaign is the answer talk to Page Progressive. We would love to help you get going.
- Your web hosting costs are deductible. Whether it is little as $5 a month or considerably higher, don’t forget to include the cost of Web hosting for your business website on your tax return. If you are looking for an upgrade in services provided, talk to one of web hosting experts to learn how we can help.
- Used equipment still counts. Saving money is always a great thing and many businesses opt to buy used office equipment, furniture and other products at a reduced rate. But just because it was bought used, does not lower its tax value. You can still claim that on your tax return as an expense.
- Give year-end cash bonuses. Just like their paychecks, when you give cash bonuses to your employees, these monies are also subject to payroll taxes, but they are also tax deductible for you.
- Buying new equipment for your business. Whether it is a computer, furniture or something else, as long as you buy it by December 31st, you can deduct all of the cost on your tax return rather than the depreciating cost over a number of years. Using 100% bonus depreciation, the cost of the new items is deductible without any dollar limit.
- Pay any outstanding bills. If you are a cash based business, the you can deduct the payment of invoices when they are made within the business year. Plus it will give you a clean slate for the new year!
- Order any items for next year, now. If you have things like office cleaning supplies, will want to add staff pictures to your website, printer ink, etc. that you know you will need next year, then go ahead and purchase them now as the year draws to a close so you can get credit sooner rather than later on these expenses.
- Support our returning military. Did you know that when you hire a returning or disabled vet that not only are you saying thank you to them for their service, but you also receive a tax credit for your business? The Returning Heroes Tax credit provides a maximum credit of $5,600 per veteran and the Wounded Warrior Tax Credit offers as much as $9,600 per vet. Of course, tax benefits aside, there truly is no monetary value that can be placed on the service these brave men and women provide each day, so consider hiring a vet whenever possible. That’s a win for everyone! For more information regarding this tax credit, check out the Returning Heroes and Wounded Warrior Tax Credits site.
- Donate to your favorite charity. With the holidays approaching there are many groups out there who need a little extra. Invest in someone’s life through monetary gifts, useable items such food, clothing or even office equipment and get a tax write off as well.
- Do you use your own vehicle for business travel? Don’t forget to record mileage, gas costs, etc. so you can earn money on your time spent on the road. Also, be sure to record any travel expenses such as accommodations, meals, etc.
- Think about the “small” stuff. Remember to include receipts for things like dues and subscriptions, legal and professional fees, banking fees and general office expenses.
Owning your business is more than an 8 to 5 job from Monday to Friday. In fact, it often feels like a 24/7/365 job. So, to help even things out don’t forget to take advantage of as many tax breaks and write-offs as possible. Whether it is a website redesign, online campaign or something else, now is the time to do it. Of course, should there be any web related write offs in your future, be sure to contact Page Progressive. We would love to help you kick off next year with a great new website or online campaign!