{"id":4724,"date":"2022-11-09T08:00:19","date_gmt":"2022-11-09T13:00:19","guid":{"rendered":"https:\/\/www.incsight.net\/?p=4724"},"modified":"2026-07-08T19:27:15","modified_gmt":"2026-07-09T00:27:15","slug":"how-can-i-maximize-business-deductions-and-write-offs","status":"publish","type":"post","link":"https:\/\/www.incsight.net\/blog\/2022\/11\/09\/how-can-i-maximize-business-deductions-and-write-offs\/","title":{"rendered":"How Can I Maximize Business Deductions and Write-Offs?"},"content":{"rendered":"<div class=\"et_pb_section_0 et_pb_section et_section_regular et_block_section preset--module--divi-section--default\">\n<div class=\"et_pb_row_0 et_pb_row et_block_row\">\n<div class=\"et_pb_column_0 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_text_0 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><p>Maximizing Deductions...<\/p>\n<p>This is one of my favorite topics to discuss with business owners. The fact is, business owners for far too long have been told that in order to lower their taxes they need to go out and buy things. \"Go buy a truck\" (that you don't need), \"go buy a new TV\" (that you don't need), and so on and so on.<\/p>\n<p>After reading this today, my hope is that you look at maximizing deductions in a completely different\u00a0lens and change from this conventional way of thinking. To do that we need to cover some concepts and then dig into what maximizing deductions actually means.<\/p>\n<\/div><\/div>\n\n<div class=\"et_pb_text_1 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><h1>What Are Pre Tax vs After Tax Dollars?<\/h1>\n<ul>\n<li><strong>After Tax Dollars:<\/strong><span>\u00a0<\/span>Money you spend after it has been taxed.\n<ul>\n<li>As a W2 employee you have your gross wages and then all of these taxes are taken out and whatever is left over gets deposited to you as your take-home pay. Your take-home pay is \"after tax\" dollars.<\/li>\n<li>Now, if that W2 employee is working from a home office and went out and bought a desk and chair, they used after tax dollars for that spending. They get no tax deduction for it.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Pre Tax Dollars:<\/strong><span>\u00a0<\/span>Spending done prior to the money being taxed.\n<ul>\n<li>As a business owner you have your sales or revenue and then all of your expenses that offset it and whatever is left over (your profit) is then taxed.<\/li>\n<li>Take that same example as above but now you\u00a0are a business owner. That home office you are using (utilities, internet, maintenance, lawn care, etc) is all partially deductible. That desk and chair you bought is a tax deduction.<\/li>\n<li>Spending you do with-in the business is considered pre tax, you are spending dollars prior to them being taxed.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>This is an incredible advantage that business owners have.<\/p>\n<p>We want you to always be strategizing on how you can find after tax dollars that can be moved to pre tax dollars. How can you find a business purpose in everyday spending that allows you to move the expense into the business and getting a pre tax business deduction?<\/p>\n<h1>What Can I Deduct As A Business Expense?<\/h1>\n<p>Within the day-to-day life of your small business, you will incur<span>\u00a0<\/span><strong>ordinary<\/strong><span>\u00a0<\/span>and<span>\u00a0<\/span><strong>necessary<\/strong><span>\u00a0<\/span>expenses that you can deduct when filing your taxes.<\/p>\n<p>What does \u201cordinary and necessary\u201d mean?<\/p>\n<ul>\n<li><strong>Ordinary<\/strong>\n<ul>\n<li>Common and accepted in\u00a0your\u00a0industry<\/li>\n<\/ul>\n<\/li>\n<li><strong>Necessary<\/strong>\n<ul>\n<li>Helpful and appropriate in operating your small business.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Basically an ordinary and necessary expense means that it is typical in your line of work and appropriate\u00a0or helpful for your business. Helpful to\u00a0find new clients, keep current clients,\u00a0get talent,\u00a0retain talent, maintain day-to-day operations, etc.<\/p>\n<p>To meet this test the expense does not have to happen often or be a recurring expense (although it can be). It also does not have to be\u00a0indispensable to be considered necessary.<\/p>\n<h1>What Are Examples of Business Expenses?<\/h1>\n<p>First, we just recently\u00a0revamped our\u00a0<a href=\"https:\/\/www.taxsavingspodcast.com\/deductions\" target=\"_blank\" rel=\"noopener noreferrer\">The Ultimate Guide to Maximizing Business Deductions and Write-Offs<\/a><span>\u00a0<\/span>which is a great\u00a0resource for you to begin getting ideas from. If you have not downloaded it yet, do it now!<\/p>\n<p>In there we did an entire series on various different expenses which can also be found on\u00a0our<span>\u00a0<\/span><a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/small-business-tax-savings-podcast\/id1377376636\" target=\"_blank\" rel=\"noopener noreferrer\">Podcast<\/a>,<span>\u00a0<\/span><a href=\"https:\/\/www.youtube.com\/c\/TaxSavingsPodcast\" target=\"_blank\" rel=\"noopener noreferrer\">YouTube Channel<\/a>, and Blog. With that being said, here are some general ideas of expense categories:\u00a0<\/p>\n<ul>\n<li><span>Advertising<\/span><\/li>\n<li><span>Automobile Expenses<br \/><\/span><\/li>\n<li><span>Business Assets (sometimes\u00a0<a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-sense\" target=\"_blank\" rel=\"noopener noreferrer\">depreciation<\/a>\u00a0involved)<\/span><span>\u00a0<\/span><\/li>\n<li><span>Dues and Subscriptions<\/span><\/li>\n<li><span>Commissions or Fees<\/span><\/li>\n<li><span>Contract Labor<\/span><\/li>\n<li><span>Cost of Goods Sold<\/span><\/li>\n<li><span>Employee Benefits<\/span><\/li>\n<li><span>Gifts<\/span><\/li>\n<li><span>Insurance<\/span><\/li>\n<li><span>Interest<\/span><\/li>\n<li><span>Legal and Professional Services<\/span><\/li>\n<li><span>Meals (Entertainment = No longer deductible in most cases)<br \/><\/span><\/li>\n<li><span>Office Expenses<\/span><\/li>\n<li>Payroll Taxes<span>\u00a0<\/span><\/li>\n<li><span>Rent or Lease<\/span><\/li>\n<li>Repairs and Maintenance<\/li>\n<li>Supplies\u00a0<\/li>\n<li><span>Taxes and Licenses<br \/><\/span><\/li>\n<li><span>Travel<\/span><\/li>\n<li><span>Utilities<\/span><\/li>\n<li>Wages and Salaries<\/li>\n<\/ul>\n<p>This is just scratching the\u00a0surface and some general ideas to get you to start thinking of different ways to maximize deductions.<\/p>\n<h1>How Can I Maximize Business Deductions and Write-Offs?<\/h1>\n<p>Now that we laid some groundwork, lets get back to the core question and give some take-away tips that you can be utilizing to maximize your deductions WITHOUT simply buying things you do not need.<\/p>\n<ul>\n<li>Many of the<span>\u00a0<\/span><strong>Core Tax Strategies<\/strong><span>\u00a0<\/span>we talk about in our<span>\u00a0<\/span><a href=\"https:\/\/www.taxsavingspodcast.com\/tax\" target=\"_blank\" rel=\"noopener noreferrer\">Tax Minimization Program<\/a>\u00a0start\u00a0with this concept as a base. How\u00a0can you move spending you are already doing from after tax spending to pre tax spending by finding a business purpose!\n<ul>\n<li>Ex: Auto, Cell Phone, Electronics, Health, Hiring Kids, Home Office, Internet, Meals, Medical, Travel, etc.\u00a0<\/li>\n<\/ul>\n<\/li>\n<li>Go Through Your Personal Credit Card Statement\n<ul>\n<li>Take some time to go through your personal credit card\u00a0statement and see if you can find a business purpose to spending you have already done and utilize an<span>\u00a0<\/span><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/how-do-i-reimburse-myself-from-the-business-when-does-an-accountable-plan-come-into-play\" target=\"_blank\" rel=\"noopener noreferrer\">accountable plan<\/a><span>\u00a0<\/span>to reimburse yourself for that business related item.<\/li>\n<\/ul>\n<\/li>\n<li>Every time you swipe your card ask yourself, \"Is there a business purpose for this?\" and if so, run it through the business and get a pre tax deduction for it.<\/li>\n<\/ul>\n<h1>What Do I Need to Document When Maximizing Deductions?<\/h1>\n<p>To close up we want to talk about a few things you want to ensure you're doing to bullet proof these deductions from an IRS audit.<\/p>\n<ol>\n<li><strong>This is General Advice<\/strong>\n<ul>\n<li>Not every tax deduction may be allowed for your specific business. Be sure to talk with your tax professional before acting to ensure it\u2019d valid in your line of business. What is a valid deduction for one business owner, may not be the same for another.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Have a Separate Bank Account (and Credit Card) for Your Business<\/strong>\n<ul>\n<li>If the IRS challenges you, they will ask for bank records and if they see\u00a0business and personal items commingled into one account they will scrutinize expenses at a higher level.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Keep Great Records and Receipts<\/strong>\n<ul>\n<li>Write directly on every receipt: the business purpose and background behind the transaction. The more info you can document the better.<\/li>\n<li>Do this right away. If you need this down the road you have it on file and will not have to try and remember the business purpose 3 years later.<\/li>\n<li>Take a picture and store them in a digital file (Google Drive, Dropbox, HubDoc, etc.) should you need them down the road. No need to hold on to the physical paper copy.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Do Not Get Greedy<\/strong>\n<ul>\n<li>Always do the \"sniff test\". If I was in front of an auditor would the documentation and business explanation I have\u00a0be something they agree with?<\/li>\n<li>Make sure your expenses are proportionate to your income and make sense in relation to the industry you are in. If you have $5,000 in income and $50,000 in travel expenses it may be hard to defend it being ordinary and necessary.<\/li>\n<li>Bottom line, do not get greedy but also do not be afraid to take advantage of the tax laws that are available to you.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p>Remember, once the calendar rolls over to\u00a0the New Year, the majority of tax planning opportunities get tossed out the window. You have time now, take a couple hours to strategize and implement so you can ensure when you file your tax return you are paying the\u00a0least amount in taxes as legally possible!<\/p>\n<\/div><\/div>\n\n<div class=\"et_pb_code_0 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\"><iframe src=\"https:\/\/www.buzzsprout.com\/1837660\/episodes\/11271532-how-can-i-maximize-business-deductions-and-write-offs?client_source=small_player&amp;iframe=true&amp;referrer=https:\/\/www.buzzsprout.com\/1837660\/11271532-how-can-i-maximize-business-deductions-and-write-offs.js?container_id=buzzsprout-player-11271532&amp;player=small\" loading=\"lazy\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\" title=\"Small Business Tax Savings Podcast, How Can I Maximize Business Deductions and Write-Offs?\"><\/iframe><\/div><\/div>\n\n<div class=\"et_pb_code_1 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\"><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/nox6nn6_w0U?si=yW-ok4d6cOxMpk5d\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div><\/div>\n\n<div class=\"et_pb_text_2 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><ul>\n<li style=\"list-style-type: none;\">\n<p><strong>The Time Is NOW To Start Paying Less In Taxes.\u00a0<\/strong><strong>Join<span>\u00a0<\/span><span>TaxElm<\/span><span>\u00a0<\/span>and start eliminating taxes and growing your wealth!<\/strong><\/p>\n<p>What you'll get:<\/p>\n<ul>\n<li><strong>Tax Savings Blueprint and Training:<\/strong><span>\u00a0<\/span>This is your roadmap to hit the ground and start implementing. Know exactly which strategies are relevant to you and which ones you should focus on first! Then dive into the training library with content, videos, downloads, guides, templates, etc. and start implementing right away!<\/li>\n<li><strong>Unlimited Access to Tax Experts:<\/strong><span>\u00a0<\/span>Got a specific question about a tax rule? You\u2019ll have unlimited messaging access directly with-in the software to our team of tax experts to get the accounting and tax answers you need.<\/li>\n<li><strong>Annual Comprehensive Consultation:<\/strong><span>\u00a0<\/span>Once a year you get a live meeting with a tax expert to discuss anything tax savings you would like. This is your time to get your questions answered live 1-on-1.<\/li>\n<li><strong>Annual Tax Return Review:<\/strong><span>\u00a0<\/span>Each year, upload your prior year tax returns, and our expert team will meticulously analyze them to generate a custom report highlighting key findings and actionable savings strategies tailored to your specific tax situation.<\/li>\n<li><strong>Monthly Webinars and Training:<\/strong><span>\u00a0<\/span>Every month, we host a live, virtual training session on a key tax topic. Join us live and bring your questions or view the training on your own schedule (recordings are added to the tax training library).<\/li>\n<li><strong>Partner Directory and Discounts:<\/strong><span>\u00a0<\/span>You get exclusive, members-only rates and access to our expert referral network for accounting, bookkeeping, tax preparation, payroll, financial planning, legal, retirement planning, tax resolution, and more!<\/li>\n<li><strong>TaxElm Guarantee:<\/strong><span>\u00a0<\/span>We will present tax saving strategies that will, at a minimum, cover the cost of your subscription fee or your money back!<\/li>\n<\/ul>\n<p>It is like having a tax\u00a0strategist walking with you along this entrepreneurial journey!<\/p>\n<\/li>\n<\/ul>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_row_1 et_pb_row et_block_row\">\n<div class=\"et_pb_column_1 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_module et_pb_button_module_wrapper et_pb_button_0_wrapper preset--group--divi-button--divi-font--h1vi52x--default_wrapper\"><a class=\"et_pb_button_0 et_pb_button et_pb_bg_layout_light et_animated et_pb_module et_block_module preset--group--divi-button--divi-font--h1vi52x--default\" href=\"https:\/\/taxelm.com\/?via=incsight\">Join TaxElm<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":4729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"categories":[32,36,51,33],"tags":[42],"class_list":["post-4724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-small-business","category-tax-planning-strategy","category-taxes","tag-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Can I Maximize Business Deductions and Write-Offs? - IncSight<\/title>\n<meta name=\"description\" content=\"Stop buying things you don&#039;t need for a write-off. Learn the real difference between pre-tax and after-tax dollars to maximize business deductions properly.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incsight.net\/blog\/2022\/11\/09\/how-can-i-maximize-business-deductions-and-write-offs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Can I Maximize Business Deductions and Write-Offs?\" \/>\n<meta property=\"og:description\" content=\"Stop buying things you don&#039;t need for a write-off. Learn the real difference between pre-tax and after-tax dollars to maximize business deductions properly.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.incsight.net\/blog\/2022\/11\/09\/how-can-i-maximize-business-deductions-and-write-offs\/\" \/>\n<meta property=\"og:site_name\" content=\"IncSight\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Incsight1\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-09T13:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-09T00:27:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incsight.net\/blog\/wp-content\/uploads\/2023\/05\/AdobeStock_219662435-2.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"5000\" \/>\n\t<meta property=\"og:image:height\" content=\"2900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Jesowshek, CPA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@IncSight_\" \/>\n<meta name=\"twitter:site\" content=\"@IncSight_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Jesowshek, CPA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/2022\\\/11\\\/09\\\/how-can-i-maximize-business-deductions-and-write-offs\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/2022\\\/11\\\/09\\\/how-can-i-maximize-business-deductions-and-write-offs\\\/\"},\"author\":{\"name\":\"Mike Jesowshek, CPA\",\"@id\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/#\\\/schema\\\/person\\\/93e395ebc93ef42f9dbca2619787197a\"},\"headline\":\"How Can I Maximize Business Deductions and Write-Offs?\",\"datePublished\":\"2022-11-09T13:00:19+00:00\",\"dateModified\":\"2026-07-09T00:27:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/2022\\\/11\\\/09\\\/how-can-i-maximize-business-deductions-and-write-offs\\\/\"},\"wordCount\":8,\"publisher\":{\"@id\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/2022\\\/11\\\/09\\\/how-can-i-maximize-business-deductions-and-write-offs\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/AdobeStock_219662435-2.jpeg\",\"keywords\":[\"Blog\"],\"articleSection\":[\"Accounting\",\"Small Business\",\"Tax-planning strategy\",\"Taxes\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/2022\\\/11\\\/09\\\/how-can-i-maximize-business-deductions-and-write-offs\\\/\",\"url\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/2022\\\/11\\\/09\\\/how-can-i-maximize-business-deductions-and-write-offs\\\/\",\"name\":\"How Can I Maximize Business Deductions and Write-Offs? - IncSight\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/2022\\\/11\\\/09\\\/how-can-i-maximize-business-deductions-and-write-offs\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/2022\\\/11\\\/09\\\/how-can-i-maximize-business-deductions-and-write-offs\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incsight.net\\\/blog\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/AdobeStock_219662435-2.jpeg\",\"datePublished\":\"2022-11-09T13:00:19+00:00\",\"dateModified\":\"2026-07-09T00:27:15+00:00\",\"description\":\"Stop buying things you don't need for a write-off. 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