So how to business write offs work and what even are they?
In the simplest of terms that I can explain them, small business tax write offs (AKA: tax deductions) are expenses that business owners can subtract from their total income each year to lower their taxable income.
Tax deductions reduce the amount of income subject to taxation. For you, this means a lower tax obligation. And not only that, but most expenses that apply are the day to day things you need to run your business. Examples include: rent, materials, marketing expenses, equipment, software, charitable contributions, and more. Like, much more. Definitely chat with a professional accountant for the full scoop on all this, but you get the main idea!
Chances are, you might not even realize just exactly how much can be written off in your business or what counts as a business expense. So let me give you a list of a few that I think you are going to be excited about this coming year.
After years of avoiding a CRM I finally decided to take a leap on HoneyBook back in 2019 and wow! I am so glad I did! HoneyBook is an all-in-one business platform that is perfect for service based businesses or project based businesses. I use HoneyBook for my photography business, coaching business and for my podcast! If you are stuggling to manage all your clients and processes, you need to get this platform. It’s one of the most important things, hence why I made it number one on this list. You can create and send invoices, manage projects, e-sign contracts, send questionnaires, pricing guides, and more all in one place. It also helps automate all of your tasks. Meaning you get more free time on your hands! HoneyBook is an absolute must have for any small business operation!
Whether you are already in the email marketing world or a total beginner, Flodesk is going to change the game for you. This platform was created with small business owners and creatives in mind. It’s an elegant, an minimal looking platform that can do SO much. Create emails that are STUNNING and on brand for your business, automate workflows and funnels so you can make money while you sleep. You can even upgrade to their “Flodesk Checkout” tier which provides you with a platform to sell digital products all within the same platform. Making it easy to make money without having to pay for multiple accounts on different websites. Flodesk is going to make you fall in love with email marketing… trust me!
03. Show It
If you are in need of a website hosting platform that has the BEST capabilities to create a fully custom site for your business, you need Showit! Start with a blank canvas or work off a template. Either way, you are going to love what you can create for your Showit site! No coding skills necessary with this drag and drop platform! Design a website that stands out and leaves your mark on the world with Showit!
Podia is an all-in-one platform for building and sustaining your online business! On Podia you can sell online courses, digital products, memberships, and also use it as your email marketing platform. You can even create a website and accept payments to host all these things inside of Podia. Truly this is the one stop shop for simplifying your online business.
I don’t actually know if I have enough words to describe how much I love Notion and all that I use this platform for. Notion has been the biggest blessing for me when it comes to creating a content calendar, content planning, and just overall organizing my life/business. Unlike other platforms, Notion gives you the ability to design a system that works for your brain. I have used a ton of other content calendar platforms to try and get my process digital, but everything fell short. Notion is the only thing that has really stuck and I could not pump out as much content as I do without it.
06. The LawTog
One of the best investments you can do for your business as a photographer is having solid contracts in place. This should honestly be one of your first priorities! The LawTog offers contracts for photographers of all kinds for every occasion and reason. And they are written by a REAL lawyer and photographer Rachel Brenke. You can trust that any contracts through the LawTog are going to protect your booty in case the worst happens.
07. The Social Herd
The Social Herd is a monthly membership that gives you access to new resources each month to level up your social media content as well as access to all the archived content deliverables too. This includes hundreds of caption templates, graphics, stock images, social media templates, educational resources, monthly content calendars and more! Join a community of rural like minded creatives and business owners and make this year be the year you work smarter, not harder with your content! Yes! Education can be used as write offs too!
08. A Branding Photoshoot
One of the best things you can do to each year for your business is take some fresh branding photos. These are specific kinds of sessions that go beyond just your normal headshots. A branding photoshoot is catered to you to tell the story of your particular brand. As a branding photographer myself, I usually include several elements to my branding sessions. Professional and posed shots, and casual lifestyle shots. Branding photos create a visual element to your business that allows your audience to get to know the person behind the product/service. These are proven to increase sales and build stronger connections with your clients and customers!
09. Shop Elrod
Shop Elrod is your go to place for all the things I have to offer from a variety of my different brands. Digital goods for business owners, homemakers, ranch wives and more. As well as other fun goodies such as apparel and so on! It’s the ultimate treasure trove of resources that you must keep in your back pocket.
10. Any of these work from home essentials
Office supplies and other essentials can be great write offs that most business owners overlook. If you use it at all to run your business, you can most likely write it off. I have created a list of some of my favorite supplies for those work from home entrepreneurs that will benefit you in more ways than one. Check them out!
I'm Sarah Elrod
I'm a Cowgirl turned serial entrepreneur.
I'm a horse trainer, western wedding photographer, business coach and ranch wife.
I help women in the western industry grow thriving businesses from rural America.
When I am not strategizing new marketing tactics, you will find me riding my horses, cuddling my cattle dog, or kissing my hot husband.
There is also a good chance I am buying way too many outfits from western boutiques.
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