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Are You Getting All Your Write-Offs?

Now that tax season has come and gone and you’ve either paid your bill or spent your refund, perhaps it’s a good time to start preparing for next year.

As an entrepreneur and a freelancer, did you know there are a lot of write-offs that can make a big difference when it comes to your year end tax bill? The list I’m about to give you is by no means comprehensive, but these are all items that could be saving you money at tax time.

Tax Write-Offs You Might Be Missing

tax deductionsThere are the obvious write-offs, like those directly related to your studio and business. Equipment, phone, internet, percentage of mortgage (rent), hydro, etc. But there are a lot of other things you might not think of.

  • Bottled Water
  • Mouthwash
  • Online Advertising (Facebook, LinkedIn, AdWords etc…)
  • Website Expenses (Domains, Hosting, Templates, Design Fees, etc…)
  • Conferences (Registration, Hotels, Travel, etc…)
  • Office Supplies (Printer Ink, Pens, Paper, Staples, Paper Clips, etc…)
  • Casting Sites (Membership Fees for Voices, Voice123, Voice Realm, etc…)
  • Electronics (Tablet, Cell, Router, External HD, Computer, etc…)

Make Friends With Your Accountant

pay less taxIf you haven’t got an accountant for your business yet, you really should find one. And if you do your taxes yourself, you should still make friends with an accountant. They really can save you a lot of money.

I take my accountant for dinner every year at tax season (a write-off, by the way). He’s saved me a ton of money by helping me find write-offs I’ve missed on my own.

As a business owner, just about any time you spend money on anything that is for or connected to your business, odds are it can become a write-off!

DISCLAIMER: Always consult with a professional accountant that can keep you in compliance with your local and federal tax laws.

FOR COMMENT: What write-offs have you discovered that save you money?