Mark Kohler identifies five tax deductions small-business owners miss: travel expenses, meals (50% deductible now, 100% in 2022), home office supplies, business electronics like phones and drones, and mileage to client meetings. Review your bank and credit card statements to catch every eligible write-off.
Chapters
I want you to go on the hunt here. I'm going to give five write offs. That a lot of side hustle. Small business owners just don't take advantage of fully. Some of you are like, well, I know that write off. Yeah, but did you really go get everything and really write off everything you could travel, Go through all of your credit cards, go through all your bank statements, look for any expense for travel. Number two, dining is 100% write off in 22, it's back to 50% in 2023. Home, office. You can write off home office supplies, home office equipment. Number four, electronics. If you have a home phone line, I can write off 100% of your cell phone. Cameras, drones, tripods. Because if you're doing social media in your business, you need those cameras. Number five, auto. So many people do not take advantage of auto. How many miles did I drive to a conference when I drive to another city and pick up supplies or meet with a customer or client, a board member. Okay, those were my five and repeat those. Travel, dining, home office, electronics and auto. Make sure you go on the hunt.
