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Hey, small business owner. Yeah, you! I want to share with you some deductions you may not have known you can take as a small business owner.
That phone that you talk to your clients on—*talks on phone: girl, this better be about business*—can be claimed as a tax deduction, as long as 30% of your time spent on the phone is used for business.
The Internet—*counts on fingers: domain fees, internet bills, even that new PC you bought*—can be deducted from your taxable income if you use them for work. Oh, and let’s not forget those business lunches that you attend—*keep those receipts thought, the proof is in the pudding…literally.*
The list goes on for the deductions you can receive—your home office, utilities, insurance for your business, and contractors you may need to hire. Also referred to as a tax write-off, these expenses can reduce your taxable income. Meaning that it allows you, as a small business owner, to pay a smaller tax bill. Who doesn’t love that?!
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.