As I mentioned a few weeks ago (see here), I’ve partnered up with TurboTax to further my mission of empowering ALL women. Whether you aspire to be an entrepreneur or are already on the entrepreneurship path, the road to finances can often be quite overwhelming. It is statistically proven that women who are involved and in control of their finances tend to be more successful than those who are not.
So honestly, I couldn’t be more thankful to TurboTax who has provided their support in allowing me to enable more women to pursue their passions and tell fear to stick it where the sun don’t shine!
Now let’s get down to business! With tax season in full swing and given all the questions I constantly receive on managing my business, I thought it would be beneficial to talk about four business deductions that will have your tax bill shrinking, just how we like it!
- Business Trips! Given that in the month of Feb/March I’m doing two business trips I thought it was only appropriate to tell you that you can deduct 100% of your business travel. Yes, 100%! Whether it’s transportation, lodging or meal expenses these can all be considered tax deductibles. So, get those receipts and make sure you claim them!
- Your Home office! You qualify as long as you (AND ONLY YOU) exclusively have a space (consider a room) that you regularly use for your business. Basically, as long as no personal activities happen in your home office and no one uses it, you should be able to make it a tax deductible.
- Ahh, the good ole’ car! Traveling to see clients? Getting in your car to get to a work meeting? Then, know that you can claim mileage, tolls and parking. My advice—get an E-Z pass just for your work related functions. This will sum up all toll expenditures. Then of course, don’t neglect to keep parking receipts and ensure to calculate your mileage!
- Retirement Plans! First and foremost, as entrepreneurs we are not an exception. We must plan for our retirement just like the corporate folks do via their 401Ks. Having a SEP (Self Employee Pension) allows you to lower your taxable income, making your contribution tax deductible. A win, win if you ask me!
I hope these four business deductions help you embark on your tax journey for the maximum return amount! Oh, and not to worry, if these don’t directly apply to you, one of the great things about TurboTax is that they will ask a series of questions to better understand your personal situation and find the deductions that are most relevant to you but if that weren’t enough TurboTax also provides the option to sit live with a CPA as a further resource. A complete win, win!
If there is anything you want me to cover as a next topic, sound off on the comments below.
Until next time,
Disclaimer: This information is based on current tax laws applicable to 2017 taxes.
This is a sponsored conversation written by me on behalf of Intuit. The opinions and text are all mine.