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Tracking Expenses for Your Business Taxes

Tracking your business expenses year-round can help you save money when it comes time to file business taxes.

But you have to learn all the rules, what you can write-off and the best ways to track expenses.

It’s overwhelming.

But we have a few simple suggestions you can start using today to make the job easier.

What Can I Write Off on My Business Taxes?

You can usually write off anything that is a normal and necessary operating expense.

The following are three of the most common expenses. You might want to start with these.

Marketing and Your Business Website

Your website and other marketing are a normal business expense, so you can write them off. If you have a website with Coaching Websites, contact our customer support team. We’d be glad to send any necessary documentation.

Professional Association Dues

If you’re a member of any professional associations, write off your membership dues. You can include them in your business expenses.

Continuing Education Expenses

Any costs related to continuing education are usually tax-deductible. Examples can include conferences, lectures, and workshops. You might also be able to include journals, professional magazines, and reference materials. Don’t forget to include travel expenses.

Those are a few common business expenses that are easy to track. You can consider tracking many more:

  • Business insurance
  • Office equipment, supplies, postage, furniture
  • Legal or other professional fees
  • Bank and merchant credit card fees
  • Office rent and utilities
  • Mileage for business expenses

Now you know what kind of expenses you can write off on your business taxes. But how do you track them all?

How Do I Track of All My Expenses?

There are many ways you can track your business expenses. We included a few simple ideas to get started.

Keep a Weekly Log

If you’re starting off, you can use a small notebook. Track your expenses by amount, category, etc. Later, you can switch to a software solution. Investigate to see what other mental health professionals are using. Your software expenses are also tax-deductible.

Keep All Your Receipts

Save your receipts for every business expense. This will make it your job much easier. You’ll also need receipts if your business is ever audited.

Consider Hiring A Professional

You might want to consider hiring a tax professional after your business grows. Hiring a professional can help you save thousands of dollars in the long term. Not to mention, you won’t have to deal with the trouble of keeping track of confusing IRS rules. (They’re always changing.)

Get Started Today

This article isn’t a substitute for professional advice, but it is enough to help you plan ahead.

We’ve included the most common business-related expenses you can write off. There are also easy ways to start tracking your expenses.

Start simple.

And don’t be afraid to ask for help once it’s no longer beneficial to do everything on your own.

Remember to call us here at Coaching Websites for any documentation you need this tax season. We’re always here if you have any questions.


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