5 Items That Can Be Considered as Tax Write-Offs by the Self-Employed

With April 15 fast approaching, this can be a harrowing time for the self-employed when it comes to getting their taxes filed.

The reason for this is it is difficult enough for you to keep your business in top shape while also putting together your tax plans while trying to figure out what expenses should be a tax write-off.

So, in an attempt to make things easier for the self-employed, here are 5 items that can be considered as write-offs:

#1: Retirement plan

A number of self-employed individuals are contributing to a self-employed retirement plan. They can avail of deductions in the same manner as one can for health insurance. Of course, both these plans are also similar in the sense that they reduce gross income and not business income.

#2: Education

Any class, workshop, seminar, related travel expenses as well as costs associated with training are eligible for write-offs as long as they satisfy the condition that they add value to your business overall.

#3: Office supplies

A number of things fall under this category. Anything ranging from envelopes, ink, printer paper to bigger items such as office furniture and so on and so forth. Laptops and tablets count if they are used for work.

#4: Utilities

Both your internet connection and telephone bill is also eligible for a tax write-off. For the former, only do this if it’s a separate line while it’s OK to request for a deduction if your home internet connection is used for work.

#5: Advertising and promotional items

Anything that you spend to promote your business counts for a tax refund. And by anything, this could mean even displays ads in the telephone directory or even printing business cards. Other items include copyright fees, flyers, online marketing and promotional events.