You could be missing out on thousands and thousands of dollars of deductions. Are you getting all of your tax-deductions for your blog? Plus, learn about the two software you NEED to make tax time a breeze.
I once heard of a multi-billion dollar company whose CEO would write off a pencil as a tax deduction.
Are you serious? A pencil?
I’m thinking in my head if this dude is writing off a pencil and makes BILLIONS then you bet I’m going to claim my pink pencils I bought for my business.
Most bloggers don’t know this, but almost any supplies you use for your business is a tax write-off.
This advice goes for bloggers, small business owners, entrepreneurs…you name it.
Quick disclaimer: Check your state laws and contact your local accountant for any questions or concerns. It’s always better to double-check. I live in the United States, but if you’re an international blogger then please check with your countries local tax laws. I am not an accountant so be sure to do your research.
Now for the fun part…let’s dive into the deductions. Then we will learn about the one resource YOU NEED for your blogging taxes.
That is if you want to make it a walk in the park and not super stressful.
Here’s the list…
If you’re anything like me you use your phone more for business than you do for personal. I did the math and my phone is used for about 85% business and 15% personal use.
Since you’ll be answering emails, scheduling calls, doing social media posts, etc your phone bills it’s a tax write-off.
If you bought a new phone for your business, that’s also a tax write-off.
2. Electronic Equipment
Any equipment you use for your business when it comes to electronic equipment is also a deduction. Including laptops, microphones, cameras, tripods, chargers, protective cases, software, computers, you get the idea.
I use all the above for my business and couldn’t live without it. Be sure to keep your receipts.
3. Wifi and Internet Services
Since you have to use wifi for your business to access it your monthly bills and equipment are deductions as well.
If you have to travel for work for a speaking gig, work trip, mastermind, etc then those travel expenses are categorized as deductions.
Keep track of all plain, train, bus, Uber, Lyft, taxi receipts. Along with hotel expenses as well.
Mileage for your car along with gasoline as long as it’s used for work is a tax-write off.
If you invested in any courses, bought mastermind tickets to an event, purchased a book to learn various tactics and strategies for your business then make sure you’re documenting the receipts come tax-season.
This also includes coaching and consultation services.
Meals that are used for your blogging business are deductions as well. If you have a food blog and you buy food to create recipes to sell in an ebook then those can count too.
If you purchase a meal while working or go for a work lunch meeting then keep the receipts.
7. Home Office Space
If you work from home as I do then you get to take a percentage of your rent off and use it as a tax deduction. Be sure to have an outline of your home you can share with your accountant to show them the portion of your house you work in.
8. Photoshoot Branding
If you have a photoshoot done for your blog and website then you can have the fees paid to your photographer counted towards your deductions. Ask your photographer to send you an e-receipt for easier tracking purposes.
9. Clothing used for business
I learned from some famous YouTuber’s online that the reason they do clothing hauls on their channels is that those items are deductible in their taxes. All because they are using them for their business.
If you do a brand photoshoot for your blog or website then those pieces count in that category as well.
10. Software Subscriptions
I’m always shocked to learn how many bloggers don’t include their software while doing taxes. If you use annual or subscription-based software like Shopify, WordPress, Bluehost, Flodesk, Tailwind, ClickFunnels, you name it… then include them on the list. I don’t know about you, but I wouldn’t be able to run my business without them.
If you pay for any advertising within your business then that’s tax-deductible as well. Social media platforms like Facebook will tell you the total amount you used monthly in advertising fees. Which makes it super easy to keep track and record. Some platforms you may pay for advertisement would be Google, Instagram, Facebook, etc.
If you purchased a website design then that is tax-deductible as well. This could be in the form of a website designer or a pre-designed template on WordPress.
13. Office Supplies
Be sure to keep track of any office supplies you invest in for your business as well. This can include furniture for your office in conjunction with paper, pens, etc.
14. VA, Freelancers, and Contractors
If you hire a virtual assistant, a freelancer off of sites like Fiverr or Upwork, or a contractor to help you in your business then those items are tax-deductible.
Quickbooks has an incredible feature to make this part of bookkeeping seamless.
Any downloads purchased for your business make it to the list. What’s great is they come with e-receipts making it easier to record. Printables on Shopify or a template on Etsy make the cut.
A good rule of thumb with tax-deductions is that you need to show receipts. Because receipts = records. If you have those then you should be good to go as long as they were truly used for your business.
The best tracking for taxes is Quickbooks. Get your subscription HERE.
A couple of important notes:
Always do your research and speak with an accountant to make sure you’re following the appropriate state laws.
Always tell the truth and never lie when it comes to taxes. Don’t mess with the IRS and they won’t mess with you.
Always blog LEGALLY! Get your legal pages HERE.
If you’re serious about blogging then you need to take the financial side of your business more seriously. Especially when it comes to taxes.
I see a lot of bloggers out there who complain about paying taxes and blah, blah, blah.
But I look at paying taxes differently than most people.
Think of it this way. Let’s say you have $0 in the bank. And then by chance you just so happen to win a million dollars. Buttttt, you have to pay $350,000 in taxes. Buttttt, you’re left with $650,000 in profit.
Are you going to complain about having to pay the taxes? Or are you going to focus on the gratitude aspect of what you’ve won?
It’s the same with blogging or any other business.
Yes, you have to pay taxes and that’s a fact in our society.
But why not focus on the amount of money you’ve made vs what you’ve “lost”.
I like to think that the more money I am paying in taxes means the more money than I’m making in my business. And that’s fine by me.
If you change your mindset around taxes and appreciate the place they have, and the money you DO get to keep… it will truly shift your perspective.
There’s a quote I live by and it says that “Gratitude makes what we have…enough.” Stay grateful, it will make your blogging business bloom.
Thank you for being here! I appreciate you, beauty!
Be sure to get your legal pages for your blog so you are not missing out on that and you’re blogging legally and safely. Grab your legal pages HERE!
All the love,
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