The Ultimate Guide to Tax Write-Offs for New Business Owners

TLDRLearn about the 15 biggest tax write-offs for new business owners and how to take advantage of them. Discover how personal expenses can become business write-offs and the importance of tracking and documenting your deductions. Find out the benefits of the recent changes in meal deductions and how to navigate the use of cell phones, cameras, and laptops as business expenses. Understand the deductions for licensing, professional fees, and office furniture. Get insights into travel deductions and the proper way to deduct your vehicle expenses.

Key insights

💡Personal expenses can become business write-offs for new business owners.

💼Tracking and documenting deductions is essential for maximizing tax write-offs.

🍔Recent changes in meal deductions allow for 100% write-off for business meals.

📷Cell phones, cameras, and laptops can be considered business expenses.

🗄️Office furniture and equipment can be fully written off in one year using bonus depreciation.

Q&A

What expenses can I deduct as a new business owner?

—You can deduct various expenses such as personal expenses turned into business write-offs, cell phones, cameras, and laptops used in your business, travel expenses, licensing and professional fees, and office furniture.

How do I track and document my deductions?

—To track and document your deductions, keep records of receipts and expenses, allocate personal expenses to your business, and consult with a tax strategist for guidance.

What are the recent changes in meal deductions?

—Under the CARES Act, business owners can now deduct 100% of their business meal expenses, provided the meal is qualified and the purpose is business-related.

Can I deduct my cell phone, camera, and laptop as business expenses?

—Yes, these items can be considered business expenses. Track the percentage of business use and ensure you have documentation in case of an audit.

How can I maximize deductions for office furniture and equipment?

—You can fully write off office furniture and equipment in one year using bonus depreciation. Determine the fair market value of pre-existing items by researching online and consult with a tax strategist for assistance.

Timestamped Summary

00:00Introduction to the importance of tax write-offs for new business owners.

01:30Explanation of personal expenses becoming business write-offs.

04:30Discussion of recent changes in meal deductions allowing for 100% write-offs.

08:30Insights on using cell phones, cameras, and laptops as business expenses.

13:00Exploration of deductions for licensing, professional fees, and office furniture.

18:00Understanding travel deductions and the proper way to deduct vehicle expenses.

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