{"id":94229,"date":"2024-03-26T11:43:26","date_gmt":"2024-03-26T18:43:26","guid":{"rendered":"https:\/\/honeybook-blog.site.strattic.io\/?p=94229"},"modified":"2024-04-04T09:12:56","modified_gmt":"2024-04-04T16:12:56","slug":"creative-tax-deductions-for-small-businesses","status":"publish","type":"post","link":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/creative-tax-deductions-for-small-businesses","title":{"rendered":"Creative tax deductions for small businesses"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><em>Tax season can be stressful, especially for smaller businesses. Make sure you learn about all of the tax breaks you\u2019re eligible for, like the qualified business income, home office, and startup cost deductions.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1-1024x793.png\" alt=\"Woman sits at a desk working on her computer\" class=\"wp-image-94269\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1-1024x793.png 1024w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1-300x232.png 300w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1-768x594.png 768w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1-1536x1189.png 1536w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1.png 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Many business owners aren\u2019t aware of all the tax advantages available to them. This means you could be missing out on opportunities to lower your tax burden and, thus, continue to grow.&nbsp;<\/p>\n\n\n\n<p>Tax laws are complex, and deductions and credits frequently change. Keeping up with <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/tag\/taxes\" target=\"_blank\" rel=\"noreferrer noopener\">new tax breaks<\/a> and regulations will help you stay on top of your tax game. Seeking professional advice can also ensure you\u2019re effectively navigating any tax challenges that come your way.<\/p>\n\n\n\n<p>You may be wondering, what expenses can I write off? This quick guide walks through a few creative tax deductions for small businesses that may help you reduce your tax bill.<\/p>\n\n\n\n<p><strong>Jump: to<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#199A\">The qualified business income deduction&nbsp;&#8211; 199A<\/a><\/li>\n\n\n\n<li><a href=\"#maximize\">How can I maximize my 199A deduction?<\/a><\/li>\n\n\n\n<li><a href=\"#Business\">Business expenses<\/a><\/li>\n\n\n\n<li><a href=\"#HoneyBook\">Using HoneyBook to improve your business&#8217;s systems<\/a><\/li>\n<\/ul>\n\n\n\n<span id=\"199A\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"199A\"><strong>The qualified business income deduction<\/strong> &#8211; 199A<\/h2>\n\n\n\n<p>The qualified business income deduction was introduced in Provision 11011, <a href=\"https:\/\/www.irs.gov\/newsroom\/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs\" target=\"_blank\" rel=\"noreferrer noopener\">Section 199A<\/a>, of the Tax Cuts and Jobs Act. This deduction is significant\u2014up to 20% of your qualified business income. Qualified business income is the net income, gains, deductions, and losses your business has for the year.&nbsp;<\/p>\n\n\n\n<p>To qualify for 2023, your total income must be below $182,100 for single filers, and for 2024, the limit increases to $191,950. You must also file as a sole proprietorship, partnership, S corporation, or limited-liability company. If your income is above the limit, your tax break is phased out, so many businesses don\u2019t get that full 20%.<\/p>\n\n\n\n<p>When you <a href=\"https:\/\/www.nerdwallet.com\/article\/taxes\/qualified-business-income-deduction\" target=\"_blank\" rel=\"noreferrer noopener\">calculate your 199A deduction<\/a>, remember that the deduction can be worth up to 20% of your taxable 199A income. You can claim this deduction even if you decide to take the standard deduction on your tax return.<\/p>\n\n\n\n<span id=\"maximize\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"maximize\">How can I maximize my 199A deduction?<\/h2>\n\n\n\n<p>The key is to reduce your salary if you want to optimize qualified business income and achieve a bigger 199A deduction. You could:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Avoid guaranteed payments to partners as they have no impact on qualified business income or the computation of salary limits.<\/li>\n\n\n\n<li>Accelerate deductions and increase retirement contributions.<\/li>\n\n\n\n<li>Invest in qualifying Real Estate Investment Trusts (REITs) as the specified service trade or business (SSTB) limitation and W-2 limitation do not apply to income from these investments.<\/li>\n<\/ul>\n\n\n\n<div class=\"aligncenter wp-block-ugb-container ugb-container ugb-8cb8722 ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-8cb8722-wrapper.ugb-container__wrapper{border-radius:0px !important;background-color:#131416 !important}.ugb-8cb8722-wrapper.ugb-container__wrapper:before{background-color:#131416 !important}.ugb-8cb8722-content-wrapper > h1,.ugb-8cb8722-content-wrapper > h2,.ugb-8cb8722-content-wrapper > h3,.ugb-8cb8722-content-wrapper > h4,.ugb-8cb8722-content-wrapper > h5,.ugb-8cb8722-content-wrapper > h6{color:#ffffff}.ugb-8cb8722-content-wrapper > p,.ugb-8cb8722-content-wrapper > ol li,.ugb-8cb8722-content-wrapper > ul li{color:#ffffff}@media screen and (min-width:768px){.ugb-8cb8722 > .ugb-inner-block > .ugb-block-content > *{padding-top:46px !important;padding-bottom:46px !important;padding-right:46px !important;padding-left:46px !important}}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-8cb8722-wrapper\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-8cb8722-content-wrapper\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<h2 class=\"wp-block-heading has-white-color has-text-color has-link-color wp-elements-987eb1cc0ea247c3c724200a8e19da5e\">Get ahead of tax season<\/h2>\n\n\n\n<p class=\"has-white-color has-text-color has-link-color wp-elements-19ca39174e58fca54504848ab83b8f64\">Use our free self-employment tax calculator to estimate your tax rate. <\/p>\n\n\n\n<div class=\"wp-block-ugb-button ugb-button-wrapper ugb-7151d91 ugb-main-block\"><style>.ugb-7151d91 .ugb-block-content{justify-content:flex-start !important}.ugb-7151d91 .ugb-button1{background-color:#5e30e3}.ugb-7151d91 .ugb-button1 .ugb-button--inner,.ugb-7151d91 .ugb-button1 svg:not(.ugb-custom-icon){color:#ffffff !important}.ugb-7151d91 .ugb-inner-block{text-align:left}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-button-container\"><a class=\"ugb-button1 ugb-button ugb-button--size-normal\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/tools\/self-employment-tax-calculator\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"\"><span class=\"ugb-button--inner\">Estimate taxes<\/span><\/a><\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/tools\/self-employment-tax-calculator\"><img decoding=\"async\" width=\"581\" height=\"515\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/12\/tax-calculator_form-graphic.png\" alt=\"\" class=\"wp-image-92153\" style=\"width:250px\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/12\/tax-calculator_form-graphic.png 581w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/12\/tax-calculator_form-graphic-300x266.png 300w\" sizes=\"(max-width: 581px) 100vw, 581px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<span id=\"Business\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Business\"><strong>Business expenses<\/strong><\/h2>\n\n\n\n<p>So what does it mean to write off your costs? Many expenses required to run your business are tax-deductible. It\u2019s easy to overlook some of these, especially when you\u2019re new to business ownership. Let\u2019s walk through <a href=\"https:\/\/quickbooks.intuit.com\/r\/taxes\/tax-breaks-for-small-businesses\/\" target=\"_blank\" rel=\"noreferrer noopener\">some expense deductions<\/a> you may not know about:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Startup costs:<\/strong> In your first year of operation, you can deduct startup costs such as research, training, and legal costs. You can deduct up to $5,000 of these costs.<\/li>\n\n\n\n<li><strong>Retirement contributions:<\/strong> You may be able to deduct the money you save for retirement as long as you follow the required annual limits. For 2024, the 401(k) limit is $23,000, with an extra $7,500 if you\u2019re 50 or older, and the individual retirement account (IRA) limit is $7,000, or $8,000 if you\u2019re 50 or older.<\/li>\n\n\n\n<li><strong>Home office expenses:<\/strong> You can take a home office tax deduction if you work at home. You can calculate and claim this deduction if your office is your principal place of business and you regularly use it for business.<\/li>\n\n\n\n<li><strong>Depreciation:<\/strong> If you purchase certain types of equipment for your business, you can write off the depreciation over time\u2014a portion of the cost each annual tax period.<\/li>\n\n\n\n<li><strong>Education costs:<\/strong> If you have education expenses related to the business, you could deduct them. Examples include relevant classes, training sessions, and professional subscriptions.<\/li>\n<\/ul>\n\n\n\n<p>Understanding these creative tax deductions for small businesses will help you maximize your write-offs on your tax return. Always prioritize staying organized throughout the year with efficient record-keeping practices.<\/p>\n\n\n\n<span id=\"HoneyBook\"><\/span>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"HoneyBook\"><strong>Using HoneyBook to improve your business&#8217;s systems<\/strong><\/h2>\n\n\n\n<p>Staying aware of the small-business tax deductions you can claim for the 2023 tax year while keeping your tax information organized requires the right technology. Using a clientflow management platform like HoneyBook, you can keep everything in one place for easy tracking and reporting.&nbsp;You can manage your business information, projects, and payment systems to boost their workflow efficiency. <\/p>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"88486\" class=\"elementor elementor-88486\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-af8975c e-con-full cta_click e-flex e-con e-parent\" data-id=\"af8975c\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-d21be99 e-con-full e-flex e-con e-child\" data-id=\"d21be99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bbc2a58 elementor-widget elementor-widget-image\" data-id=\"bbc2a58\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"557\" height=\"665\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-merino.png\" class=\"attachment-medium_large size-medium_large wp-image-88497\" alt=\"\" srcset=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-merino.png 557w, https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-pipeline-banner-merino-251x300.png 251w\" sizes=\"(max-width: 557px) 100vw, 557px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a747e99 e-con-full e-flex e-con e-child\" data-id=\"a747e99\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d55b379 elementor-widget elementor-widget-heading\" data-id=\"d55b379\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Keep your business organized<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-657226d elementor-widget elementor-widget-text-editor\" data-id=\"657226d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Manage each step of your clientflow and ensure nothing slips through the cracks.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-771d280 elementor-widget elementor-widget-button\" data-id=\"771d280\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/signup\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get started<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n","protected":false},"excerpt":{"rendered":"<p>Tax season can be stressful, especially for smaller businesses. Make sure you learn about all of the tax breaks you\u2019re eligible for, like the qualified business income, home office, and startup cost deductions. Many business owners aren\u2019t aware of all the tax advantages available to them. This means you could be missing out on opportunities [&hellip;]<\/p>\n","protected":false},"author":863,"featured_media":94269,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,26,545],"tags":[],"class_list":["post-94229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-best-practices","category-finance-tips","category-mobile-app"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1.png",2000,1548,false],"thumbnail":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1-150x150.png",150,150,true],"medium":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1-300x232.png",300,232,true],"medium_large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1-768x594.png",768,594,true],"large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1-1024x793.png",1024,793,true],"1536x1536":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1-1536x1189.png",1536,1189,true],"2048x2048":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2024\/03\/Creative-Tax-Deductions-1.png",2000,1548,false]},"post_excerpt_stackable_v2":"<p>Tax season can be stressful, especially for smaller businesses. Make sure you learn about all of the tax breaks you\u2019re eligible for, like the qualified business income, home office, and startup cost deductions. Many business owners aren\u2019t aware of all the tax advantages available to them. This means you could be missing out on opportunities to lower your tax burden and, thus, continue to grow.&nbsp; Tax laws are complex, and deductions and credits frequently change. Keeping up with new tax breaks and regulations will help you stay on top of your tax game. Seeking professional advice can also ensure you\u2019re&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/business-best-practices\" rel=\"category tag\">Business best practices<\/a>, <a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/finance-tips\" rel=\"category tag\">Finance tips<\/a>, <a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/mobile-app\" rel=\"category tag\">Mobile App<\/a>","author_info_v2":{"name":"Meredith Boe","url":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/author\/meredith-boe"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Creative Tax Deductions for Small Businesses | HoneyBook<\/title>\n<meta name=\"description\" content=\"Deductions like the qualified business income tax break (199A) and certain business expenses can help you lower your tax liability this year.\" 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