Growth Group | Accounting for Musicians

Tax Write Offs 101

“What can I write-off if I own a business?”

Entrepreneurs want more tax write offs, but they already have them.

See, tax deductions are business expenses, in IRS lingo.

Did it cost you to drive across town to meet new customers? Yes- gas, car insurance, repairs and maintenance. These types of ordinary costs can be written off on your tax return because they are necessary for you to operate.

Tax write-offs are not a reason to own a small business or be an entrepreneur. They happen when you own a business and are an entrepreneur, naturally. Now, you know.