Tax Deductions + Holidays?!?! - The Legal Paige

Tax Deductions + Holidays?!?!

Legal, Taxes

During such an exciting time like the holidays it can seem somewhat boring to think about taxes as a small business owner. I’m here to tell you about some tax benefits for your business that will help you save money and get you on the right track for tax season (Its coming up you guys!!! January-April 2019! Ahhh!). Here’s some ideas of what you can get deductions for, as well as some ways to make it easier on you!

You might be thinking, “So Paige, I know I can get deductions for health insurance and business equipment, but what else?” Well I’m here to tell you that there are SO MANY expenses that are tax deductible that you may have not thought of before!

Client gifts

As your shopping around all the deals in Target, make sure you snag a few goodies for your clients! Any type of client gift, stamps, envelopes, packaging, postage, etc, are all tax deductible!

BIG STUFF

Best buy, home depot, and ALL the other big stores have incredible deals during Black Friday and into the holidays.  Don’t forget to be on the lookout for that big purchase you’ve been wanting to make all year.  If you can save $500 here and there during this time of year, its totally worth it.  AND, if you’re wanting another couple thousand deduction on your 2018 taxes, this is a great time to get it accomplished.

Travel and car

Have you been traveling for your job? Are you traveling around for holiday mini sessions, holiday work parties, or networking events?! Make sure to note down how many miles you have put on your car for work purposes and use it for a tax deduction. The IRS actually has a standard rate of deduction for 54.5 cents per mile! You can also get your travel lodging fully deducted.  

Home work space

Working from home is the best during the cold winter months! (I say as I write this in bed.) But did you know that you can actually take part of your personal home expenses as a business expense? It could be anything from redecorating your home office to part of your rent or mortgage!  And, there is a standard deduction for home offices if you have a designated space in your home for work!

All the good food!

Well not actually all the food, but some of it for sure! Many of us are doing all kinds of business meetings during the holiday season, so keep track of it.  Remember to keep your receipts from all those business lunches because you can deduct some of those meals for business purposes!

All those regulatory fees

Starting a new small business can result in all kinds of fees and licenses. While I know you probably don’t want to look at those again because they can bring back bad memories, remember that most of them are tax deductible!  I know its exciting as ever during the holidays, but spend a couple extra minutes and document what fees and licenses you’ve paid for this year to get prepared for tax season in advance!

I know, I know. Sitting down to plan taxes can be stressful.  That’s why I’m so up in your face about making the best out of it! Grab your favorite caffeinated pumpkin spice latte or peppermint mocha (I’m a pumpkin girl after all), play your favorite Beyoncé music (my fav), and just get it done. Treat yo’self is something that I take seriously, but it’s important to know when you can treat yourself in your business and when it is time to buckle down. Now’s the time during the next two months to really hone in on your business’s taxes and purchase some things if you don’t want such a large tax liability.

Remember that it isn’t failure to ask for help to make sure you better understand taxes–especially if it can help you save money!  Happy holiday (a little early)!

Sources for this article:

http://www.entrepreneur.com/article/252869

http://smallbiztrends.com/2016/02/top-tax-deductions-for-small-business.html 

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