These 3 Write-Offs Could Save You Thousands

What do you do during this time period to sharpen the pencil, if you will, again, and look for additional write-offs? Let me give you 3 tips. Number 1, go look at all your financial accounts. Look for any expense that could be related to your business. Go to credit cards, go to your Apple Pay, go to Venmo, go to Zelle, go to PayPal. Every expense for your business does not have to go through your business account. If it's legitimately used in your business, we just need to be able to show what you bought, how much it was, and write it off. Write it down, put it into the list of expenses for your business. Yes, it's important to try to keep receipts when you can, but if you don't have a receipt, it doesn't mean you don't count it. Put it in the mix and let's go for it. Number 2, I know it sounds maybe a little trivial, but I love the home office deduction. And don't believe any freaking accountant that says it's a high-risk item. It's not. There's a simplified method and an actual expense method and even an administrative exception if you have another office across town. So, there's a way to come up with that home office deduction. And here's my point. Yeah, maybe it's only $500, $1,000, or even $1,500 is the maximum amount under the simplified method. But what it does is unlock my third tip, the auto deduction. Because I want to come over here to the auto deduction and look at all the mileage I may have been able to write off during the year, running errands for my business, going to a meeting, going to a conference, picking up supplies, going to the Apple Store, Home Depot, Best Buy.