Small Business Tax Write-Off’s: What Can I really Write Off?

So can I write off this meal?

That’s a question I often get from business owners. And really the answer is: be honest with yourself. Did the meal involve your business?

For anything related to write off deductions related to work, the key is to keep good records of your deductible activity. At least weekly, take time to scan your receipts and label them. It might seem like a pain, but it will pay off. Do it regularly and it won’t seem overwhelming. Keep careful notes. If you had dinner with a friend and he gave you some good tips for work, then it’s a legitimate self-employment deduction. And if the IRS comes asking about that meal, refer them to your records.

So on your next vacation make sure you schedule a business meeting. You get the point: keep your write off legit and you will be fine and manage to pay less on your taxes — which is what we here at Karla Dennis And Associates, Inc.™ are all about.

Really take time to consider your business-related expenses. If you need new clothes to make an impression in meetings, please update your wardrobe. Not only do you want to look like you care to your clients and prospects, it is a real expense that can be a write off, come tax season.

This applies to your home office too. If you’ve invested in a desk, computer and a sweet chair, as well as plants and other items to create an excellent work environment, those are write-offs too.

Does this get you excited? OK. Fine. But remember my first rule: Keep good records.

Invest in a receipt scanner or just use your phone camera.  The Neat Company makes several good versions as does Fujitsu if you prefer a dedicated device.

That’s why I suggest that entrepreneurs hang out with other business-minded people. More than likely the time you spend together will more than likely result in a tax write off.

Karla Dennis

As seen in Forbes Magazine, Karla Dennis is an expert tax and business strategist. As an enrolled agent, Karla is licensed to represent taxpayers in all 50 states. She holds a Masters in Taxation and Business Development and is the author of two books, Tax Storm and Against the Odds.

Karla, CEO of consultancy firm Karla Dennis And Associates, Inc.™, has saved her clients thousands of dollars and has been featured in various media outlets such as Forbes, MSNBC, KTLA, Yahoo! Finance, and SmartMoney, marking her as the ultimate tax expert.

As of 2014, Karla became the new host on the “Mind Your Business” radio show, KTLK AM 1150, sharing her financial and business knowledge with the greater Orange County and Los Angeles areas. As a supporter of women’s rights and issues, Karla is part of the Women Network, an organization built to educate and mentor women. In addition, Karla is the radio host for Women Network Radio, a show that aims to uplift and empower women of all walks of life.