Discover this podcast and so much more

Podcasts are free to enjoy without a subscription. We also offer ebooks, audiobooks, and so much more for just $11.99/month.

Deductible Business Expenses To Be Aware Of - RD184

Deductible Business Expenses To Be Aware Of - RD184

FromResourceful Designer: Strategies for running a graphic design business


Deductible Business Expenses To Be Aware Of - RD184

FromResourceful Designer: Strategies for running a graphic design business

ratings:
Length:
27 minutes
Released:
Sep 30, 2019
Format:
Podcast episode

Description

Do you claim all the business expenses you're entitled? [sc name="pod_ad"]Are you aware of all the things you can claim as business expenses when running a home-based design business? You've heard the saying, "You need to spend money to make money"? People quoting that often neglect to inform you that some of the money you spend running your design business, can be recuperated as business expenses. If you are running your own design business, you really should enlist the help of a professional when it comes to filing your taxes. If not, you could be losing out on entitled money. The cost of hiring an accountant or bookkeeper is a wise investment when it comes to doing business. With that said, I am not an accountant or bookkeeper. I'm going to share some often overlooked expenditures that may qualify as business expenses for you. Please verify with whoever prepares your business taxes if you are allowed to claim any of the following. People In the course of running your design business, you may need to hire external help. The money you pay these people may qualify as business expenses. Virtual Assistants Business Coaches Contractors (illustrators, programmers, developers, designers, etc.) Massage Therapists / Physio Therapists (after those long days sitting in your chair) Counseling Accountant / Bookkeeper Subscriptions As a designer, there are plenty of reoccurring expenses when it comes to your design business. You can claim many of them on your taxes. Design Software Wordpress Plugins Software Addons Membership / Club fees Magazine subscriptions Business Expenses You can claim the costs involved with running and promoting your design business as business expenses.  Advertising fees Delivery and Shipping Costs Legal, accounting and professional fees Tax prep Bank fees Processing fees Travel Expenses You can claim business-related travel expenses, whether it's to a conference or to see a client, on your taxes as business expenses Conferences costs (travel, hotel, ticket fees, meals) Networking event fees Travel Expenses (fuel, parking, rental, car wash, maintenance) Vehicle expenses, including interest on loan or lease payments. Home Office Expenses Office Decorations Work Clothes (must be branded to your business) Cleaning (house, yard) Office Supplies Personal Expenses Computer Glasses Cellular phone Computer Tablet Smart Watch Training / Courses Child Care These are only a few of the hundreds of things that may qualify as business expenses. In some cases, you won't be able to claim some of these items. It all depends on your situation, your business, and where you live. Check with your accountant. They'll know what you can and cannot claim. I go into more detail on each item on the podcast. Be sure to listen to the episode for the full story. What unusual item have you claimed as a business expense? Let me know by leaving a comment for this episode. Tip of the week Entrepreneur Mindset I heard someone quote Tony Robbins on a podcast recently. To paraphrase the quote, "Being an entrepreneur is 80% mindset and 20% mechanics." I couldn't agree more. Without the confidence and proper mindset, you will not succeed. And when you do have the appropriate confidence and mindset, the actual running part of your business should come easily. As Henry Ford put it, "If you think you can, or you think you can't, you are right." So when it comes to running your design business, make sure you have a "CAN" attitude. It will make things so much easier. Listen to the podcast on the go. Listen on Apple Podcasts Listen on Spotify Listen on Android Listen on Stitcher Listen on iHeartRadio Contact me I would love to hear from you. You can send me questions and feedback using my feedback form. Follow me on Twitter, Facebook, and Instagram I want to help you. Running a graphic design or web design business all by yourself isn't easy. If there are any struggles you face running your design business, please reach out to me. I'll do my b
Released:
Sep 30, 2019
Format:
Podcast episode

Titles in the series (100)

Offering resources to help streamline your home based graphic design and web design business so you can get back to what you do best… Designing!