tax write offs for small business owners 2018

At the end of the year, you just multiply your annual business mileage by the rate and- voila – you’ve got your mileage deduction. Every year the IRS sets a standard mileage rate. The easiest way to write off your auto expenses is by tracking your business mileage and taking the mileage deduction at tax time. There are two methods to write off your auto expenses: Mileage This is considered commuting and is not deductible. What doesn’t count as business travel? Travel from your home to your shop.

Scouting trips for new suppliers, vendors, and merchandise.Travel to business meetings with partners, employees, suppliers, vendors, and consultants.Errands to the office supply store, post office, grocery store, and suppliers (like a restaurant supply store or maker workshop).The good news? You can write off what you spend on business travel. Owning a shop, cafe, or restaurant means you run a lot of errands. Website: Domain names, hosting, subscription website services (Wix, Squarespace) themes, plugins, stock photos, and other things you buy for your website.Promotional materials: Flyers, business cards, calendars, leaflets, newsletters, posters, and swag with your logo on it, such as pens or stickers.Marketing: Ad placements in digital and print publications, newspaper ads, billboards, signage, Facebook Ads, Google Adwords, and email marketing software.Advertising and promotionĮverything you spend on promoting your business is deductible, such as: Start by checking out this giant list of tax deductions specifically designed for business owners with physical (as in, real-life) stores. And the more you understand them, the more you can write off-and the less you’ll have to pay.īut before you can reap the benefits, you have to know what’s what. Why? Because tax deductions make taxes WAY more interesting and affordable. And your tax deductions are that person snapping up all your stellar goods.

Your taxes are that slow day at the shop.

Tax write offs for small business owners 2018