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Tax Write-Off

The main benefit of having a business is the tax write-offs. Are you familiar with what expenses that you can write off? To get an idea of the things you are able to write off, please review a Schedule C Form Profit and Loss for Business. This will give you an idea of what you can and cannot write off.

The main categories that you can write off are:

  1. Advertising

  2. Car and Truck Expenses

  3. Commissions and Fees

  4. Contract Labor

  5. Depletion

  6. Depreciation and Section 179 Expense Deduction

  7. Employee Benefit Programs

  8. Insurance

  9. Interest (Mortgage & Other)

  10. Legal and Professional Services

  11. Office Expenses

  12. Pension

  13. Rent or Lease

  14. Repairs and Maintenance

  15. Supplies

  16. Taxes and Licenses

  17. Travel, Meals and Entertainment

  18. Utilities

  19. Wages

  20. Other Miscellaneous Expenses

Having write off’s can make a huge difference when determining your profit and loss.

  • What techniques do you use to maintain your receipts?

  • What program do you use to keep track of your expenses?

If you would like to learn more about this topic, please feel free to take Profit or Loss/Human Resources & Accounting Workshop.

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