Professional Development
•Educational Couses
•Paid Webinars
•Paid Mentorship
•Paid Zoom
Software/Apps/Subscriptions
•Any monthly subscriptions to run your business
•Canva
•Adobe
•Calendly, book appointments
Marketing
•Facebook &Instagram Ads
•photoshoots
•make up, hair stylist
•clothing used for marketing
Vehicle used for business
•maintenance
•fuel
•mileage
Business Travel To meet clients
•hotel/Air bnb costs
•meals and drinks. Note: The Consolidated Appropriations Act, 2021 amended the Code to add another exception that temporarily permits a 100% deduction for “food or beverages provided by a restaurant” for expenses paid or incurred in 2021 or 2022
•plane tickets
Home office( if you used portion of your home to run your business
•Calculate Sq feet space
•Homeowner’s insurance
•Homeowners association fees
•Cleaning services or cleaning supplies used in your business space
•Mortgage insurance and interest
•Utilities, including electricity, internet, heat and phone.
Supplies
•pens
•sticky notes
•new laptop or computer
•ring light
•new camera
•pens,planners, paper ,etc
As a business owner, you can claim almost any expense associated with running your business. To be deductible, a business expense must be both ordinary and necessary.The key is good bookkeeping, documentation and keeping all of your receipts that you plan to on taking deductions on. Keep in mind , If your business claims a net loss for too many years(3), the IRS may classify it as a hobby, which would prevent you from claiming a loss related the following year.
For more clarity on what to deduct in your business, always refer to Irs.gov https://www.irs.gov/publications/p535
