Spoiler alert, your exotic car is not a write-off. Here are five essential write-offs for your contracting business.
1. Marketing
Anything you spend money on for advertising is a write -off.
2. Equipment and Tools
These are write-offs. Make sure you track them.
3. Business Meals
Make sure to save your receipts.
4. Professional Fees and Services
If you’re paying your accountant or an advisor, that’s a write-off.
5. Buying a new work vehicle is a write-off.
For example, a Sprinter Van used for business can be a write-off.
Be sure to consult with your tax preparer or CPA to make sure your vehicle is safe.
