Learning about tax deductions can be intimidating, you’ve heard the phrase “write it off” and maybe you know exactly what that means. Or maybe you’re like David from Schitt’s creek.
Either way here are a few things you have not realised you can write off!
- Your home office, as long as you only use it for business purposes.
- Your phone and internet usage. If you also use these for personal use you can still deduct a percentage.
- Meals – if you’re traveling for business your meals will be able to be written off. As long as it’s not a totally extravagant meal.
- Business travel expenses
- Education – if you’ve hired a coach, read business books etc these can all be written off!
A tax write off is also known as a tax deduction, they are business expenses that you can deduct from your gross income on your taxes. They will significantly lower your taxable income, which means you will be paying less at tax time.
So make sure when you do your tax return you’re including the above information!