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Written By Candace Galiffa

The number one question I get from entrepreneurs (who typically have just been slammed with a large tax bill) is this: What one strategy should I implement to reduce my tax liability? 

Luckily, it’s a simple answer.

The most important step in successful tax planning is keeping up with your record keeping.

Not the super glamorous answer you wanted, is it?

But it’s necessary to have a system in place to track your income and spending month to month. You can do this on your own with a simple spreadsheet or bookkeeping software, or you can outsource it to an accountant. But at the end of the day, a system needs to be in place!

So, the next question is, “Well, what can I write off?  What is even counted as a business expense?”  Problem solved! 

Check out this list of possible tax deductions and credits for entrepreneurs!

Nolia employees looking over plans


  1. Accounting Fees
  2. Advertising
  3. Banking fees
  4. Business association membership dues
  5. Collection expenses
  6. Commissions to affiliates
  7. Consulting fees
  8. Continuing education for yourself to maintain licensing and improve skills
  9. Conventions and trade shows
  10. Credit card merchant service fees
  11. Franchise fees
  12. Investment advice and fees
  13. Website design
  14. Legal fees
  15. License fees
  16. Social media advertising
  17. Software and online services
  18. YouTube channel
  19. Research and development
  20. Royalties
Nolia Roots staff works on a laptop


  1. Building repairs and maintenance
  2. Cleaning/janitorial services
  3. Cameras
  4. Computers and tech supplies
  5. Furniture or fixtures
  6. Home office (Learn more)
  7. Safe-deposit box
  8. Property taxes
  9. Maintenance and Janitorial
  10. Mortgage interest on business property
  11. Moving
  12. Newspapers and magazines
  13. Office supplies and expenses
  14. Rent
  15. Storage rental
  16. Telephone
  17. Utilities
  18. Internet hosting and services
Nolia Roots staff works on a laptop


  1. Wages and salaries paid to employees
  2. Workers’ compensation insurance
  3. Education and training for employees
  4. Health insurance
  5. Health Savings Account
  6. Retirement plans
  7. Payroll taxes for employees (including Social Security, Medicare, and unemployment taxes)
  8. Pension plans
  9. Subcontractors
Shelly Hughes talks a with a Nolia Roots staff member


  1. Auto expenses (Learn more)
  2. Business travel
  3. Leased vehicle or equipment
  4. Parking and tolls
Writing in a notebook


  1. Costs of goods sold
  2. Depreciation (Learn more)
  3. Drones
  4. Equipment (Learn more)
  5. Freight or shipping costs
  6. Equipment repairs
  7. Losses due to theft
  8. Materials
  9. Video equipment for business
Nolia Roots staff writing plans on post it notes


  1. Charitable deductions made for a business purpose
  2. Child Tax Credit (Learn more)
  3. Earned Income Tax Credit (Learn more)
  4. Exhibits for publicity
  5. Gifts for customers (Learn more)
  6. Postage
  7. Prizes for contests
  8. Rebates on sales
  9. Interest
  10. IRA contributions (Learn more)
  11. Sales tax
  12. Meals (Learn more)

Unfortunately, there isn’t a master list of deductions included in the Internal Revenue Code or provided by the IRS. There is simply the tax principle which states a valid write-off is any expense incurred in the production of income.  And of course, each deduction then has its own set of rules.

That’s why bookkeeping is my number 1 strategy to save money on your taxes!

The moral of the story is to track every single expense related to your business and review them with your CPA to ensure they are legitimate deductions and credits. The key here is to make sure you have good record keeping and consistent bookkeeping to minimize your tax liability, as well as your risk of an audit if the IRS ever comes knocking.


Nolia Roots can take your marketing to the next level. Read our Case Studies to see how we transformed our clients’ businesses with real results.

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