First and foremost, consult your accountant about new regulations and safety precautions to avoid IRS scrutiny, but then maximize the graces legally given! As of today, these are 5 more simple things that can be written off:
6) DEPRECIATION. Use your computer to track your business growth and balance your books? It’s a write off. Your accountant may use it as depreciation or may write the whole amount off at once, so ask about the best way to handle it in your individual situation.
7) HOME OFFICE SPACE. Some talent have space in their home devoted solely to business use. If you have a home office (there are parameters to what the IRS recognizes as a home office space, so be sure to check them out), there is a certain percentage of your home expenses that can be written off, including your mortgage payment and utilities.
8) HOME OFFICE SUPPLIES. That handy printer/scanner/fax is a hefty write off when used for your talent business. Everything used in the home office for your talent business down to the paperclips and staples can be deducted!
9) ONLINE ACCOUNTS. Growing businesses have growing expenses as they expand and become better known. Talent uploading reels or paying for online submissions can deduct the little things in their online profiles that also give them an advantage over other talent. Get ahead and get a write off!
10) MARKET RESEARCH. This one can be tricky, so be sure to consult your CPA before being aggressive with market research, but I have heard that anything related to your business is considered market research. That could be your television service (if you do film, tv, or commercial work), your dining (if you have credits from working on restaurant spots or as a server), or anything else that may be related to researching your business.
Take advantage of the things that big corporations use every day to get ahead and keep a little more of that hard earned money while helping your business prosper at the same time!
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