expenses

5 Expenses You Never Knew Were Not Tax Deductions

5 Expenses You Never Knew Were Not Tax Deductions

In a previous post, I talked about 10 tax deductions entrepreneurs tend to miss. These tax deductions were common things that cause entrepreneurs to leave money on the table every single year! Leaving money on the table is never good. Documenting things incorrectly that can potentially bite you in the butt in a year…. And for sure may be worse!

When you set up your systems on the accounting process in your business, you always win. You can do your accounting on spreadsheets or cloud-based accounting systems. My favorites are Xero, QBO, Freshbooks, and Wave. You get into the groove of thorough documentation in using any one of these systems. 

When DIY’ing your own books correctly (I have training for that), you understand what valid expenses are. You also know the amount to deduct from things that are partially deductible. When it’s time to delegate your bookkeeping, your accountant/bookkeeper is the number one person to go to. They help you understand how to properly organize these write-offs. 

Today I want to talk about 5 things bloggers and entrepreneurs, unfortunately, cannot write off. Even though we all wished at some point they were tax deductible. They may or may not come at a surprise to you. They also may or may not be annoying, to say the least.