Don't forget these Business Expense write offs! PS can I write off wind surfing lessons?

The 2023 calendar year is over and now it's time to finalize profit / loss statements and work on the dreaded taxes! Here's 5 things that often are forgotten--- (bookmark this so you remember later!)

1. For inventory based businesses now is the time to scrub your active COG on hand. Especially for Amazon FBA sellers things disappear or get damaged, it's part of business and you need to expense those cogs.

2. Business meals - 50% of these can be expensed if biz related

3. Dues and subscriptions - think about all the softwares or subscriptions you have, if they are business related then expense them. For example we use YouTube daily for networking and business education -- YouTube premium is a worthwhile investment and expense.

4. Business mileage - if you drove your personal vehicle for business related tasks you can write off 65.5 cents per mile!

5. Travel - in 2023 we had several trips required for networking or other business purposes. Education and events are popular examples.

Not legal tax advice, just based on our experience -- highly recommend getting setup with a CPA team to help you keep your books in order and prepare your tax filings the right way.
#taxes #amazonseller #turohost #itsawriteoff