What Can I Write Off as a Business Owner?

Expense Deductions for Small Business Owners

• Business owners can write off expenses related to their operations, including office supplies, education, travel, contract labor, vehicles, and more.
• Personal expenses like haircuts or commuting are not deductible.
• Deduct the business portion if an expense serves both personal and business needs.

Tax Deduction Rules and Guidelines

• Understand what you can and cannot claim as a deduction to avoid problems during audits.
• Most small businesses can deduct 20% of their income under the new tax law.
• Keep track of expenses for home office deductions using Form 8829 and ensure compliance with IRS rules.

Limits and Guidelines for Business Expense Write-Offs

• Not all expenses can be written off as business expenses; they must be both ordinary and necessary.
• Keep detailed records of expenses to claim legitimate business deductions without issues.
• Specific rules and limitations vary based on business type, expense type, and tax laws.