• 6 Great Ways To Write Off Business Expenses For 2017

    Tax season is just around the corner which can easily snap any entrepreneur back to reality after a magical holiday season fueled by family, fun, and festivities (and maybe a little too much spiked eggnog). 

    The good news is that paying taxes means you made some money in 2017 and that is something to celebrate! (Just not with more eggnog). The bad news is… well, you owe money.

    If you’re like most entrepreneurs, you probably want to do whatever you can to reduce – or at least defer – your tax liability so that you can hold onto your profits a bit longer, at least until you can strategize ways to better delegate your earnings.  We at Markethustl are by no means tax experts, so the following are some very basic, highly-suggested strategies you can implement before the end of 2017 to reduce your tax bill this upcoming year.

    6 Clever Ways to Write Off Business Expenses

     

    Strategy: Try to employ business expenses NOW for the future. If you know you will use a lot of these things in 2018, you can write off business expenses and, conversely, lower what you owe in 2017. Here are a few helpful tips on maximizing your business expenses and tax write-offs before 2018 hits.

    Business Travel & Expenses

    Not only is it better to buy airfare and hotel rooms months in advance to save on prices and guarantee spots, it’s also a good idea to book these now so you can apply these business expense write-offs toward this past fiscal year. Even if it means buying four airline tickets now, you may find it pays off come next tax season. Write Off Business Expenses

    Industry Conference & Events

    If you know you will be going to a conference like the the Canton Import and Export Fairs or the annual Prosper Show in 2018, it may be a good idea to go ahead and book tickets. Not only can these conferences help enhance your brand, but you can go ahead and file these as a business expense for 2017. 

    Equipment and Technology 

    Have you been eyeballing a new printer or are in dire need of a new Macbook or cellphone? Office supplies are an easy expenditure for businesses and can go toward your LLC expenses. By buying these things now, you can defer larger tax payments for the upcoming year.

    Rent/Mortgage 

    If you rent space for your business, whether it be a storage unit, an office, a house, or a building, and you tend to pay monthly installments, instead of paying January’s rent January 1st, pay it December 31st. This way, that expense that be written off as a 2017 business expense.

    Inventory & Packaging

    If you can anticipate what you’ll be spending for the first quarter of 2018 with parts, packaging, and shipping supplies regarding your products, go ahead and buy that stuff now, particularly if you find it saves you buying in bulk. Again, this is about projecting what you think you’ll need and spend in 2018 and being ahead of the curve so you can owe less in business taxes (or at least defer them for a while.)

    Marketing/Services/Advertisement

    Write Off Business Expenses

    If you know you will launch new products in the first 6 months of 2018 or optimize any of your existing products, you can consider paying for those services before the year’s end as another way to reduce your 2017 taxes.

    Whether it’s for listing optimization, product photography, or launch campaigns, if you purchase any of these services with MarketHustl or SellerPhoto, that credit will stay on your account until you use them.

    As an incentive to do so, we are offering $100 off any of our special bonus packages that include photos…there are 4 to choose from based on your specific needs.  To take advantage of this special end-of-the-year deal, simply take promo code 100OFF2017 and enter it in the coupon box when checking out on our site HERE.

    Next Steps

    We all want to keep more of the money we make or at the very least, keep it for longer.  Sit down today and look if any of the above strategies make sense for you.  We’ve been doing the exact same thing for our businesses over the last week.  As with anything related to your taxes, make sure you check with your accountant for any questions.


    From all of us here at MarketHustl and SellerPhoto, we wish you a safe and Happy New Year… may 2018 be your best year yet.

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