Tax Write-Off Cheat Sheet for Small Business Owners

Christian Grijalva
Jan 30
2 min read

Small Business Owners who are focused on running their business, but may not have an accounting degree. The tax code is 6,871 pages long, but with this cheat sheet you will be able to maximize savings during tax season, while paying your fair share and staying tax compliant.

Small Business Tax Write-Offs

1. Home Office Deduction

Must be a dedicated workspace for business use
Deduct rent, mortgage interest, utilities, insurance (proportional to office size)
- There are two ways to record home office deductions: Simplified and Regular Method
- For a more in-depth look into this deduction check out this blog post

2. Business Supplies & Equipment

Office supplies (paper, ink, pens, etc.)
Computers, software, printers
Furniture (desks, chairs)

3. Business Utilities & Internet

Internet and phone (percentage used for business)
Business-related software subscriptions

4. Marketing & Advertising

Website hosting and design
Social media ads, flyers, business cards

5. Business Travel & Meals

Flights, hotels, rental cars for business trips
50% of business-related meals with clients

6. Vehicle Expenses

Standard mileage deduction ($0.655/mile for 2023) or
Actual expenses (gas, maintenance, insurance, depreciation)

7. Professional Services

Accountant, bookkeeper, tax preparer fees
Legal and consulting fees

8. Employee & Contractor Wages

Salaries, wages, bonuses
Independent contractor payments (must issue 1099s)

9. Business Insurance

Liability, professional, and property insurance

10. Retirement Contributions

SEP IRA, Solo 401(k), or SIMPLE IRA contributions
- Roth IRA does not apply for tax write offs

11. Education & Training

Business-related courses, seminars, books

12. Rent & Lease Costs

Office or co-working space rent
Equipment lease payments

13. Health Insurance Premiums

Self-employed individuals may deduct premiums

14. Loan & Credit Card Interest

Interest on business loans and credit cards
Student Loans may qualify if you use your degree for your business

15. Taxes & Licenses

Business licenses and permits
Employer-paid payroll taxes

Remember to keep records on your accounting software and if you have any tax concerns to consult a CPA.