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Write-Offs Every New Business Owner Should Know

November 17, 20232 min read

Whether you’ve just started your own business…

Or you’re looking to do so this year…

What I’m about to tell you will save you a lot of cash, headaches and frustrations.

Especially in your first year, you can leverage our tax code to dramatically reduce your tax bill.

And while some of my clients have paid me good money for these strategies…

I still remember how tight money was when I first started out - so I want you to have those for free.

So here are 4 write-off strategies every new business owner MUST know.

1 - Collect your startup and organizational costs

Even if you haven’t made a dime from your business yet, it’s important you keep track of your expenses.

The IRS allows up to $5,000 of write-offs for startup and organizational costs in your first year.

So if you’re taking courses, paying a coach or a marketing agency, getting a laptop or a desk…

Make sure to keep your receipts to max out your deductions that first year.

2 - Deducting your meals

If you’re going out with customers, mentors or coaches, you can deduct 100% of the costs you paid for these meals.

So make sure to ask for receipts.

3 - Writing off your vehicle

Whether you already own a vehicle - or need one for your business…

You can save a lot of dough by writing it off as a business expense.

And as your write-off model, you can choose “depreciation” or “mileage.”

Oh, and if you're thinking about getting a new vehicle, consider one that weighs over 6,000 lbs.

This way, you can potentially write-off 100% of your purchase immediately, thanks to Section 179

And your CPA or tax consultant can help you find the most profitable strategy.

4 - Remember that things you already own can be a business expense

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