Tax

Smart Tax Strategies for Savvy Business Owners

Tax planning might not be the flashiest part of being a successful entrepreneur, but it’s definitely one of the smartest. Because getting the right strategies in place could be the difference between keeping more of your money or watching it vanish into the bottomless pit of taxes. Best of all, you don’t have to obsess over every cent. Just a few smart moves tailored to your needs can keep more cash right where it should be—in your bank account.

So what are these smart moves? They involve (just a little) planning ahead, being strategic, and making the most of every legitimate deduction available to you. It’s more about changing the way you think about taxes. Because iIt’s not just about saving a few bucks here and there – it’s about keeping more of your money so you can reinvest it back into your business and watch it grow. That’s how building wealth multiplies fast.

Our research team has put together a downloadable checklist of all the tax deductions you might be missing out on. There are a lot of them, and they are a great starting point to start your own tax planning.. But before we dive into that, let’s talk about some smart strategies you can start using right now to ensure you’re not leaving any money on the table.

The Smart Approach to "Changing the Facts"

The biggest win many of our clients find is realizing you can turn some of your personal expenses into legitimate business deductions by simply “changing the facts.” This isn’t about fudging the numbers (never do that!). It’s about finding ways to use your personal purchases for your business.

Let’s say you take your spouse out to dinner. Not deductible, right? Well — let’s say you discuss some important business matters, pricing strategies or marketing ideas. Guess what? That dinner is now a deductible business expense. All you have to do is write down who you were with and what you discussed on the back of the receipt. Take a quick photo and send it to your CPA or bookkeeper. Boom – you just turned a night out into a tax write-off.

The same goes for things like subscription services. Maybe you have a Spotify account that you use to listen to music while you work. Well, if you start using it to listen to business podcasts or to play background music in your office, suddenly it becomes a deductible business expense.

Starting to make sense? It’s all about getting creative and finding ways to use the things you’re already buying for your business. And the best part? It’s totally legit, as long as you keep good records and can prove the business use. So start thinking outside the box and look at your expenses with a fresh perspective. Of course, you’ll want to discuss all this with your tax professional to make sure you are following all the rules and they are on board.

Strategic Deduction Examples

Let’s dive into some real-world examples of how you can turn everyday expenses into legitimate business deductions. These are the kinds of strategies that the big shots use, but they work just as well for small business owners like us.

Dining and Entertainment

In addition to the example with your spouse, be sure to save receipts for all meals and entertainment that you pay for with clients, customers or employees. Rules change periodically, but making sure you have a good paper trail and documentation is the first key step.

Subscription Services

We talked about changing the facts on your Spotify account. The same goes for other subscription services like Netflix or Amazon Prime. If you can find a legitimate business use for them, you can write them off.

Travel Expenses

Now, here’s where things get really interesting. Did you know that you can actually deduct a portion of your family vacation if you add a business component to it? It’s true! If you schedule some client meetings or have a family business retreat where you discuss business roles and strategies, you can potentially write off a big chunk of your travel expenses. It takes careful documentation, but it can lead to significant deductions.

The point is, there are ways to get creative with your deductions and save some serious cash. You just have to know where to look and how to do it right. And that’s where having a solid tax plan comes in handy.

Commonly Overlooked Deductions That Can Save You Money

Even better than finding new deductions is realizing you’ve been missing out on some all along. Here are a few that many small business owners overlook.

Home Office Deductions

If you work from home, listen up. You might be able to deduct a portion of your rent, utilities, and other expenses related to your home office. The key is to have a dedicated space that you use exclusively for business. That means no using the dining room table as your desk during the day and then eating dinner there at night. But if you have a legit home office, you could be saving a bundle on your taxes.

Professional Development

Investing in yourself is always a smart move, but did you know that it can also be a tax deduction? If you take courses or attend workshops to improve your skills or knowledge related to your business, you can write off those expenses. Our Wealth Factory clients are able to write off all the educational and program expenses they pay to us. That means they get financially smarter and save money at the same time. It’s a win-win!

Health Insurance Premiums

If you’re self-employed and paying for your own health insurance, you might be able to deduct your premiums on your taxes. This can be a huge saving, especially if you’re paying a lot for coverage. Just make sure you’re following all the rules and regulations around this deduction.

Technology and Equipment

In today’s digital world, it’s hard to run a business without some serious tech. But guess what? You can write off the cost of your business-related technology and software, even if you use it for personal stuff too. The key is to keep track of how much you use it for business versus personal and allocate the costs accordingly.

So, take a closer look at your expenses this year. Are you taking advantage of all the deductions available to you? If not, it’s time to start. Trust me, your bank account will thank you.

Compliance and Best Practices

Now, before you start writing off every dinner and vacation, let’s talk compliance. If you’re going to take these deductions, you need to follow the rules and keep meticulous records. We’re talking receipts, invoices, mileage logs – the whole shebang.

Why? Because if the IRS comes knocking (and statistically speaking it WILL happen to you at least once), you need proof that your deductions are legit. If you can’t show that cool underwater camera you bought was for business purposes, you could be in hot water.

The best way to stay compliant is to keep detailed records. Every time you make a purchase or take a trip you plan to write off, keep track of it. Jot notes on receipts, log your mileage, and snap photos of anything related to the expense. If you’re unsure of anything, document and then make a note and discuss it with your CPA or tax team at one of your quarterly or semi-annual meetings (highly recommended to schedule these outside the Jan-April “busy season”).

Just remember, taking a deduction doesn’t always mean you should. Taxes have a lot of gray areas, and it’s easy to get in over your head. That’s why we always recommend consulting with a tax professional before claiming any major deductions. They can help you navigate the tax code and stay on the right side of the law. Plus, they might even uncover additional deductions you hadn’t considered.

The Bottom Line

Look, you don’t have to become a tax expert to do this. The key is to start thinking strategically about your deductions and making tax planning a year-round process. If you want to keep more of your hard-earned money, you need to be proactive. Stay organized, keep good records, and always be on the lookout for ways to maximize your deductions.

The good news? It doesn’t have to be complicated. By implementing just a few of the strategies we’ve covered, you can start saving money on your taxes right away. And the more you do it, the easier it becomes.

Your first step?

Download the Ultimate Tax Deduction Checklist Now

Print it out if you want. Hang it in your office, and start checking things off as you go. But don’t stop there. Schedule a meeting with your tax pro and review the checklist together. They can help you identify even more deductions and ensure you’re taking advantage of every available saving.

Most importantly, don’t be afraid to get creative. Remember, it’s about “changing the facts” and finding ways to use personal expenses for your business. The more you do it, the more money you’ll save.

Next Steps

If you don’t have a tax team that knows how to bring these tax strategies to life for you, you may want to see if working with our team makes sense. Our tax professionals deal with these strategies every day for our clients.

The application is simple and there’s no obligation. If it looks like a good fit, you can schedule a discovery call with one of our Wealth Strategists to talk through the process.

Either way, saving on taxes is as American as apple pie, and the tax code is written to incentivize entrepreneurs and small business owners like you. So make sure you’re taking full advantage and keeping more money in your pocket, where it belongs.

INDIVIDUAL DEDUCTIONS

MEDICAL AND DENTAL EXPENSES

#	Description
1	Acupuncture.
2	Alcoholism treatment at an inpatient facility or transportation costs to and from doctor-recommended Alcoholics Anonymous meetings.
3	Ambulance rides.
4	Bandages or similar medical supplies.
5	Birth control medication.
6	Body scans.
7	Braille reading materials. You can deduct the difference between the cost of Braille books or magazines and the cost of non-Braille versions of the same publications.
8	Breast pumps.
9	Breast reconstruction surgery following a mastectomy.
10	Chiropractor visits.
11	Contact lenses.
12	Crutches.
13	Dental services, except for teeth whitening.
14	Dentures.
15	Diabetic supplies.
16	Diagnostic devices.
17	Disabled dependent care.
18	Drug addiction treatment at an inpatient facility.
19	Eye exams.
20	Eyeglasses.
21	Eye surgery to correct defective vision.
22	Fertility procedures or surgeries.
23	Founder’s fees used to prepay medical treatment in a nursing home.
24	Guide dogs, including all expenses to feed and care for them.
25	Health institute treatments prescribed by a doctor.
26	Health insurance premiums, including HMOs or Medicare, as long as you pay the premiums yourself. It does not include life insurance or insurance that covers the loss of income due to a medical condition.
27	Hearing aids, including repairs or maintenance (such as new batteries).
28	Hearing-impaired telephone or television equipment, including repairs.
29	Home improvements or renovations designed to accommodate a medical condition. You can deduct the cost of the improvements minus the amount that they increase the home’s value. You can also deduct the cost of maintaining those improvements after they are built.
30	Hospital stays.
31	Laboratory fees.
32	Lead-based paint removal, if it is for the benefit of a child with lead poisoning. The application of new paint is not included.
33	Legal fees needed to authorize mental illness treatments.
34	Lodging required for medical care away from home (up to $50 per person, per night).
35	Long-term care.
36	Meals during any stay at a medical facility.
37	Medical conferences.
38	Nursing homes.
39	Nursing services.
40	Organ donation.
41	Osteopathic care.
42	Oxygen.
43	Physicals.
44	Pregnancy tests.
45	Prescription drugs.
46	Prosthetic limbs.
47	Psychiatric care.
48	Psychoanalysis.
49	Psychologist visits.
50	Special education schooling or tutoring that is recommended by a doctor.
51	Sterilization.
52	Stop-smoking programs, except for over-the-counter medicines.
53	Surgeries, as long as they are not unnecessary cosmetic surgery.
54	Therapy.
55	Transportation that is necessary for medical care. This includes the cost of modifying a vehicle to accommodate a medical condition, or the additional cost of a wheelchair-accessible vehicle over the cost of a regular vehicle. It also includes transportation costs to and from medical treatments, such as public transportation fares, fuel costs, tolls and parking.
56	Vasectomies.
57	Weight-loss programs that are prescribed by a doctor to treat obesity or related diseases. Food expenses are generally not included.
58	Wheelchairs.
59	Wigs that are recommended by a doctor to treat the mental health of someone with disease-related hair loss.
60	X-rays.

INVESTMENT EXPENSES

#	Description
61	Accounting fees.
62	Amortized bond premiums. The premium needed to buy a bond that produces taxable interest can be deducted on an amortized basis, meaning that part of the premium is deductible each year that you own the bond.
63	Attorney fees.
64	Bank charges for automatic investment services.
65	Clerical help.
66	Dividend reinvestment plan service charges.
67	Income collection fees.
68	Indemnity bond premiums.
69	Investment advisor fees.
70	Investment expenses from pass-through entities. Your share of investment expenses from an S-corporation, real estate mortgage investment conduit or other partnership can be deducted from your personal income taxes.
71	Investment-related interest expenses.
72	Office rent.
73	Safe deposit box rent.
74	Software or online services used to manage investments.
75	Subscriptions to publications that provide investment advice.
76	Trustee’s commissions.

MORTGAGE EXPENSES

#	Description
77	Mortgage interest payments.
78	Mortgage points. Points are prepaid interest, and must be amortized, with just a portion of the original prepaid expense being deducted each year of the mortgage.
79	Late charges on mortgage payments.
80	Penalties charged for repaying a mortgage early.
81	Ground rent, as long as it is redeemable and meets certain other qualifications.
82	Cooperative apartment loan interest. A loan used to buy into a cooperative housing corporation is essentially considered a mortgage.
83	Your share of a cooperative housing corporation’s deductible mortgage expenses.

EDUCATIONAL EXPENSES

#	Description
84	Tuition and fees. Up to $4,000 of your tuition and fees expenses can be deducted.
85	Student loan interest. You can deduct up to $2,500 of interest paid on student loans.
86	Tuition.
87	Books.
88	Supplies.
89	Lab fees.
90	Transportation costs of getting from work to school, or between school and home.
91	Lodging, if you have to travel overnight for educational purposes.
92	Meals. You can deduct 50 percent of the cost of meals during such overnight trips.

CHARITABLE DONATIONS

#	Description
93	Monetary donations.
94	Donations of property. You can deduct the fair market value of any items you donate.
95	Charitable purchases. If you pay a charitable organization and receive something in return, you can deduct the amount you paid minus the fair market value of what you received.
96	Membership fees. You can likewise deduct the fees or dues required for membership in a charitable organization, minus the value of any membership benefits you receive.
97	Volunteer expenses. You can deduct unreimbursed expenses you incur while performing services as a volunteer for a qualified charitable organization.
98	Travel expenses. You can deduct travel expenses, including transportation, lodging, and meals, incurred while performing services as a volunteer.
99	Uniforms. You can deduct the cost and upkeep of uniforms that you wear while performing volunteer work.
100	Expenses related to charitable events. If you attend a charitable event, such as a gala or fundraiser, you can deduct the cost of your ticket, as long as the cost exceeds the fair market value of any benefits you receive.

CHILDCARE EXPENSES

#	Description
101	Daycare costs.
102	Nanny fees.
103	Preschool tuition.
104	Before and after school care.
105	Summer day camp costs. Overnight camps do not qualify.
106	Transportation costs associated with childcare. For example, the cost of driving your child to and from daycare may be deductible.
107	Costs for a housekeeper, cook, or cleaner if their services also include caring for your child.

MISCELLANEOUS DEDUCTIONS

#	Description
108	Accounting costs.
109	Adoption expenses. These can include agency fees, legal fees, and court costs.
110	Amortizable bond premiums.
111	Appraisal fees.
112	Apprenticeship program costs.
113	Arbitration fees.
114	Armed forces reserves travel.
115	Bad debts.
116	Bank fees on IRAs.
117	Business car expenses, if not reimbursed by your employer.
118	Business liability insurance.
119	Business telephone expenses.
120	Casualty and theft losses. These include the loss or damage of your property due to sudden, unexpected, or unusual events such as fires, floods, thefts, storms, or car accidents.
121	Certain business use of your home.
122	Certain education expenses related to your job or business.
123	Certain job-hunting expenses.
124	Certain unreimbursed employee business expenses.
125	Certain unreimbursed partnership expenses.
126	Check-writing fees at your bank.
127	Childbirth classes.
128	Child care outside of day care.
129	Children’s sports or activities.
130	Church donations.
131	Civil defense and emergency preparedness supplies.
132	Civil defense and emergency preparedness training courses.
133	Civil rights attorney fees.
134	Civil service examination fees.
135	Claiming a worthless security.
136	Coinsurance payments.
137	Commissions paid to secure a mortgage.
138	Commissions on the sale of property.
139	Commute to temporary work sites.
140	Community property laws.
141	Commuter transportation.
142	Compensation of court-appointed conservators, guardians, and trustees.
143	Compensatory damages awarded for physical injury or physical sickness.
144	Computers used for work or school.
145	Concierge fees at your hotel.
146	Concierge medical services.
147	Conservation easements.
148	Cost of defense in a legal dispute over your job.
149	Cost of removing lead-based paint.
150	Cost of replacing short-term cell phones used for work.
151	Cost of tax preparation software.
152	Cost of telephones that you need for your business (landline or cell).
153	Costs of a business-related course.
154	Costs of uniforms and costumes, if they are not suitable for everyday wear and you can’t wear them away from work.
155	Costs of your own services or of payments to relatives or dependents for work they do in your business.
156	Costs related to property held for investment, such as management and maintenance fees, and property taxes.
157	Court costs to collect taxable income.
158	Credit reports and monitoring services.
159	Criminal defense fees.
160	Cultural or sporting event tickets.
161	Damage deposits you forfeited.
162	Daycare or babysitting costs while you’re at work or looking for work.
163	Deaf interpreter costs.
164	Debt collection fees.
165	Delivery fees.
166	Depreciation on home computers or home office equipment.
167	Depreciation on rental property improvements.
168	Depreciation on a car used for business or work-related travel.
169	Depreciation on business equipment.
170	Depreciation on a cell phone or other telecommunications device used for work.
171	Depreciation on a home used for business or work.
172	Depreciation on a rental property.
173	Depreciation on a car used for charity work.
174	Depreciation on a car used for medical travel.
175	Depreciation on a car used for moving.
176	Depreciation on a car used for school or teacher-related travel.
177	Depreciation on a car used for work-related travel.
178	Depreciation on a work uniform.
179	Depreciation on a cell phone used for work.
180	Depreciation on office furniture.
181	Depreciation on a rental car.
182	Depreciation on rental property.
183	Depreciation on business-related property.
184	Depreciation on a computer used for work.
185	Depreciation on a home office computer.
186	Depreciation on a work uniform.
187	Depreciation on a cell phone used for business.
188	Depreciation on office equipment.
189	Depreciation on a rental car used for business or work-related travel.
190	Depreciation on business equipment.
191	Depreciation on a rental property.
192	Depreciation on a vehicle used for charity work.
193	Depreciation on a vehicle used for medical travel.
194	Depreciation on a vehicle used for moving.
195	Depreciation on a vehicle used for school or teacher-related travel.
196	Depreciation on a vehicle used for work-related travel.
197	Depreciation on work equipment.
198	Depreciation on a vehicle used for business or work-related travel.
199	Depreciation on equipment.
200	Depreciation on a rental vehicle.
201	Depreciation on rental property improvements.
202	Depreciation on business equipment.
203	Depreciation on a vehicle used for charity work.
204	Depreciation on a vehicle used for medical travel.
205	Depreciation on a vehicle used for moving.
206	Depreciation on a vehicle used for school or teacher-related travel.
207	Depreciation on a vehicle used for work-related travel.
208	Depreciation on a vehicle used for business or work-related travel.
209	Depreciation on equipment used for business.
210	Depreciation on a rental vehicle.
211	Depreciation on rental property improvements.
212	Depreciation on business equipment.
213	Depreciation on a vehicle used for charity work.
214	Depreciation on a vehicle used for medical travel.
215	Depreciation on a vehicle used for moving.
216	Depreciation on a vehicle used for school or teacher-related travel.
217	Depreciation on a vehicle used for work-related travel.
218	Depreciation on a vehicle used for business or work-related travel.

BUSINESS DEDUCTIONS

COST OF GOODS SOLD

#	Description
222	Raw materials costs.
223	Finished products costs.
224	Transportation costs.
225	Utilities costs.
226	Supplies costs.
227	Labor costs involved in creating the products.

PAYROLL EXPENSES

#	Description
228	Wages.
229	Bonuses.
230	Benefits.
231	Retirement plan contributions.
232	Property transfers, such as company stock.
233	Sick pay.
234	Vacation pay.
235	Reimbursements.
236	Expense allowances.
237	Employee educational assistance program payments.
238	Awards, as long as they meet certain qualifications.

INSURANCE PREMIUMS

#	Description
239	Employee medical insurance.
240	Employee life insurance.
241	Worker’s compensation insurance.
242	Vehicle insurance.
243	Flood, fire, storm, theft, accident, or other casualty insurance.
244	Bad debt or credit insurance.
245	Liability insurance.
246	Malpractice insurance.
247	Overhead insurance that covers business expenses in case of long illness or disability.
248	Business interruption insurance that covers lost profits if the business is temporarily shut down (but not due to illness or disability).
249	Self-employment health insurance.

INTEREST EXPENSES

#	Description
250	Mortgage interest.
251	Prepayment penalties.
252	Employment tax interest, which is charged when you owe employment taxes.
253	Original issue discounts (OID) are a form of deductible interest.
254	Installment purchase interest.

TAXES

#	Description
255	State, local, or foreign income taxes.
256	Real estate taxes.
257	Employment taxes.
258	State unemployment fund taxes.
259	Excise taxes.
260	Franchise taxes.
261	Occupational taxes.
262	Personal property taxes, if the personal property is used for business.
263	Self-employment taxes.
264	Sales taxes. Sales taxes are usually not deducted separately, but are included in the deductible cost of goods sold or the deductible cost of other purchased items.

CAPITAL EXPENSES

#	Description
265	Start-up costs.
266	Research and experimental costs.
267	Investigative costs related to researching the potential purchase of an existing business.
268	The cost of organizing a corporation or partnership.
269	Lease acquisition costs.
270	Reforestation costs.
271	Oil and gas exploration costs.
272	Pollution control facilities.
273	Depletion of mineral properties.
274	Land.
275	Buildings.
276	Machinery.
277	Motor vehicles.
278	Furniture.
279	Improvements.
280	Franchise rights.
281	Goodwill.
282	The value of being a going concern.
283	The value of having a trained workforce in place.
284	Information-based intangibles, such as the value of business records.
285	Customer-based intangibles, such as the value of existing customer relationships.
286	Supplier-based intangibles, such as favorable relationships with distributors.
287	Existing licenses or permits.
288	Non-compete agreements.
289	Patents.
290	Copyrights.
291	Trademarks.

OTHER BUSINESS EXPENSES

#	Description
292	Accounting fees.
293	Advertising.
294	Association membership dues.
295	Banking fees.
296	Bad debt write-offs.
297	Car and truck expenses.
298	Charitable donations.
299	Collection expenses.
300	Commissions to non-employees.
301	Conventions.
302	Credit card convenience fees.
303	Gifts to customers.
304	Entertainment.
305	Franchise fees.
306	Fuel.
307	Internet service.
308	Interview expense allowances.
309	Legal fees.
310	Lodging.
311	Meals.
312	Maintenance.
313	Moving machinery.
314	Office supplies.
315	Outplacement services.
316	Outsourced services.
317	Rent.
318	Repairs.
319	Parking.
320	Penalties and fines.
321	Prizes for contests.
322	Postage.
323	Shipping.
324	Software.
325	Tax preparation fees.
326	Telephone.
327	Theft losses.
328	Tips.
329	Tools.
330	Tolls.
331	Trade shows.
332	Travel.
333	Web hosting.

TAX CREDIT

The Earned Income Tax Credit (or EITC) is available to people who earned income during the year, but whose income does not exceed a certain threshold. The maximum income level, and the amount of the credit, varies depending on your marital status and the number of children you have.

CHILDREN AND DEPENDENTS

#	Description
1	Child tax credits: Up to $1,000 per child can be credited.
2	Child and dependent care credits: If you pay someone to care for a child or an adult dependent with special needs, you can claim a percentage of those expenses (subject to certain limits) as a tax credit.
3	Adoption credits: If you adopt a child, you can get a tax credit for qualified adoption expenses.

EDUCATION

You can claim either an educational credit or an educational deduction for each student; you cannot claim both the credit and the deduction. There are two educational credits available:

#	Description
1	American opportunity credit: This covers the first four years of undergraduate school and is worth up to $2,500 per student.
2	American opportunity credit: This covers the first four years of undergraduate school and is worth up to $2,500 per student.

ELDERLY OR DISABLED

If your income falls below a certain threshold, you can claim a tax credit for being:

#	Description
1	Over age 65.
2	Under age 65, but permanently disabled.

RETIREMENT SAVINGS CONTRIBUTIONS

Up to 50 percent of contributions to certain types of retirement accounts, such as an IRA or 401(k), can be claimed as a tax credit.

EXCESS SOCIAL SECURITY WITHHELD

If you have more than one employer, the combined amount withheld from your paychecks for Social Security tax may be more than what you are required to pay. Any excess amount that is withheld can be refunded via a tax credit.

FOREIGN TAX

Income tax paid to a foreign country can either be deducted or claimed as a tax credit.

GREEN ENERGY

If you upgrade your home with a renewable energy system, you can claim a tax credit worth 30 percent of the total cost of the system (including installation costs). These green energy credits include:

	Geothermal heat pumps, as long as they meet certain efficiency standards.
	Wind turbines with a rated capacity of 100 kilowatts or less.
	Solar water heaters, as long as the water is not used for outdoor hot tubs or pools.
	Photovoltaic systems, or electricity-producing solar panels.
	Hydrogen fuel cells. The credit for fuel cells is capped at $500 per 0.5 kilowatts of capacity.

Additionally, energy companies can earn tax credits for:

	Producing electricity on a large scale from renewable sources.
	Producing biodiesel.

OTHER CREDITS

You may also be able to claim tax credits for:

	Renovating historic buildings.
	Building low-income apartments.
	Hiring veterans, youths or other groups with high unemployment rates.
	Buying a Qualified School Construction Bond (QSCB).
	Producing refined coal.
	Producing coal from a mine located on Native American tribal lands.
	Employing members of a Native American tribe.
	Keeping agricultural chemicals guarded and secure.
	Developing “orphan” drugs that treat rare diseases (those that affect fewer than 200,000 people).
	Capturing carbon dioxide and disposing of it underground.
	Providing childcare facilities or services for employees.
	Making your small business more accessible to people with disabilities.
	Training miners to be part of a mine rescue team.
	Paying Social Security and Medicare taxes on restaurant employees’ tips, if they exceed the minimum
	Buying a qualifying plug-in electric vehicle.

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