As a business owner, maximizing tax deductions can significantly impact your bottom line. Yet, some write-offs are easily overlooked. Here are a few you might be missing:
- Payment Processing Fees: Those annoying fees deducted from each transaction? They’re actually tax-deductible! Make sure to keep track of all payment processing fees for a potential deduction.
- Home Office Expenses: Beyond the obvious expenses like computers and desks, don’t forget to deduct the business-use portion of your utilities and internet. Every little bit helps!
- Professional Development: Investing in yourself counts too! If you’ve attended workshops, purchased courses, or bought books to improve your business acumen, these expenses might qualify as deductions.
- Health Insurance Premiums: If you’re self-employed, you might be able to deduct your health insurance premiums. Consult with your accountant to see if you qualify.
Stay informed and consult with a tax professional to ensure you’re taking advantage of every deduction available to you. Happy saving!
For more tips and advice, visit Financial Fancy or contact Charese at charese@financialfancy.com.
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