Eliminate entrepreneurial expenses as easily as possible.
Another strategy for eliminating expenses is planning ahead to decrease the amount of taxes you give up to Uncle Sam! Knowledge is key here. Lucky for me I had a business before and was instructed on what paperwork and information to save and what I can write off for my business. I want to make sure you have that leg up too! So here is my list of what you can write off being an entrepreneur that works from home.
1. Office Space (figure out the square footage of the area you designate as your office). You can write off part of your rent/mortgage based on that.
2. Utilities (again based on the square footage/percentage – you can write off that portion of your heating/air conditioning and electricity).
3. Office Supplies & Postage
4. Office Equipment – anything you buy that is electronic really – or even office furniture, shelves, etc.
5. Phone (regular/ cell)
6. Internet bill
7. Daycare/Childcare fees
8. Car payments and expenses (if you use it for business) – including gas and repairs *make sure you log the miles you travel for work!
9. Bank fees
10. Professional fees – Accountant / Lawyer
11. Paypal costs (their cut)
Think of everything you spend – if it is business related in any way – track it and keep the receipts.
One of my clients, Diane Gardner is a Tax Coach and she is amazingly knowledgeable. I always tease her and say she needs to learn Canadian Tax law so I can hire her myself! I highly recommend one of her books Stop Overpaying Your Taxes as she has great insights on how you can save a ton of money. CLICK HERE TO ACCESS.