Tax Tips for Small Business Mompreneurs

It's that time of year. One of the great benefits of having your own business (besides being your own boss, setting your own schedule, taking vacations whenever you want, and having more time with your family) is all of the tax benefits and write-offs of a small business. 
For me the biggest key has been getting organized.  I personally chose to incorporate but that's something to talk to your accountant about. Whether you file as a sole proprietor or an LLC or corporation, here are some great tips:

• Stay organized throughout the year.  Enter expenses and income into a program like Quickbooks or I use mint.com - which links to your checking and savings account and you can set rules so all costs paid to X vendor are listed as Business Expenses for X purpose.
• Scan receipts with an app like Shoeboxed or save emailed receipts into folder in your email system ie 2015 Business Expenses (or get more details and categorize)
• Use a separate checking account and credit card specifically for business expenses.
• If you use subvendors, send them a 1099 so they pay the taxes on what you paid them.
• Talk to your accountant about what is and isn't allowed as a writeoff. Some good things to consider:
• Do you have a home office? Part of your mortgage and utilities may be deductible.
• Which restaurant meals are deductible?
• Office & Business supplies including printing (flyers, brochures, business cards, applications)
• Gifts for clients & employees
• Mileage and/or car expenses including registration if you use your car for business
• Trips to conferences, training event, corporate retreats (if you have your own corporation)
• Online costs ie your monthly blog costs, advertising on Facebook or google, email systems like Aweber or mail chimp that you use to email customers
• Do you give away samples or product?
• Other costs specific to your field ie products purchased for research

**Talk to your tax professional about your specific situation.