When I review a client’s tax return, I always try to grab the low-hanging fruit first–simple, easy deductions that can quickly have a big impact on my clients’ bottom lines. Here’s my power list of the most underused write-offs and tax deduction strategies business owners should consider:
Technology, Electronic Equipment, and Supplies
Electronics, tech, and supplies can be big write-offs. You can write off your phones, computers, laptops, drones, cameras, iPads, speakers, video cameras, and any equipment or supplies used for your business. These expenditures can be critical to running a business, and most of them can be fully expensed. As long as you can show it’s 100 percent for business use, it’s a 100-percent write-off. On certain items, you might want to bring it down a notch if you also use it for personal reasons and say it’s 80 percent or 50 percent for business use.