15 Tax Write-Offs You Might Be Missing as a Small Business Owner

As a small business owner, maximizing your tax deductions is essential for keeping more of your hard-earned money. But did you know that many entrepreneurs miss out on valuable write-offs simply because they aren’t aware of them?

If you’re a Black woman building wealth, understanding these deductions can help you cut your tax bill and reinvest in your business. Here are 15 tax write-offs you might be missing—and how to take advantage of them.

1. Home Office Deduction

If you run your business from home, you can deduct a portion of your rent, mortgage, and utilities.

✅ How to qualify:

✔️ Your home office must be a dedicated workspace (not just your kitchen table).

✔️ Calculate the deduction based on square footage or use the simplified method ($5 per square foot, up to 300 sq. ft.).

2. Business Meals

You can deduct 50% of business-related meals when meeting with clients, partners, or employees.

✅ How to qualify:

✔️ The meal must be business-related (keep receipts and write who you met with).

✔️ Save receipts from restaurants, coffee shops, and catering for events.

3. Business Travel Expenses

Traveling for business? You can deduct flights, hotels, rental cars, and meals.

✅ How to qualify:

✔️ Your trip must be business-related (conferences, meetings, client visits).

✔️ Keep detailed records of expenses.

4. Marketing & Advertising

Everything you spend on marketing and advertising is 100% deductible.

✅ What’s included?

✔️ Website costs, business cards, and flyers

✔️ Social media ads (Facebook, Instagram, Google Ads)

✔️ Email marketing software (MailChimp, ConvertKit, etc.)

5. Professional Development & Education

Any training that improves your business skills is tax-deductible.

✅ What’s included?

✔️ Online courses, webinars, and workshops

✔️ Business books and industry magazines

✔️ Membership fees for professional organizations

6. Software & Subscriptions

If you pay for software to run your business, it’s deductible.

✅ What’s included?

✔️ Accounting tools (QuickBooks, FreshBooks)

✔️ Design software (Canva, Adobe Creative Suite)

✔️ CRM software (Salesforce, HubSpot)

7. Business Insurance

Any insurance that protects your business can be written off.

✅ What’s included?

✔️ General liability insurance

✔️ Professional liability insurance

✔️ Cybersecurity insurance

8. Retirement Contributions

Did you know you can lower your taxable income by contributing to a retirement plan?

✅ Options for small business owners:

✔️ SEP IRA

✔️ Solo 401(k)

✔️ SIMPLE IRA

9. Office Supplies & Equipment

Pens, paper, computers, and office furniture? All tax-deductible.

✅ What’s included?

✔️ Desks, chairs, and printers

✔️ Notebooks, planners, and pens

✔️ Business phone and internet bills

10. Vehicle Expenses & Mileage

If you use your car for business, you can deduct either mileage or actual expenses.

✅ How to qualify:

✔️ Keep a log of miles driven for business (use apps like MileIQ).

✔️ IRS standard mileage rate for 2024 is 67 cents per mile.

11. Legal & Professional Services

If you pay for legal, accounting, or consulting services, those costs are deductible.

✅ What’s included?✔️ Lawyer fees for contracts or trademarks✔️ Accountant fees for tax prep✔️ Business coaching and mentorship

12. Cell Phone & Internet Bills

If you use your phone or internet for business, you can deduct a percentage of the cost.

✅ How to qualify:

✔️ If you use the phone 50% for business, you can write off 50% of the bill.

✔️ Keep copies of monthly statements.

13. Rent or Coworking Space Fees

If you rent an office or coworking space, it’s 100% deductible.

✅ What’s included?

✔️ Office lease payments

✔️ WeWork, Regus, or other coworking memberships

14. Business Credit Card & Loan Interest

If you use a business credit card or take out a loan, the interest is deductible.

✅ How to qualify:

✔️ The loan or credit card must be used for business expenses only.

✔️ Keep track of interest payments.

15. Employee Salaries & Benefits

If you have employees or contractors, you can write off wages and benefits.

✅ What’s included?

✔️ Employee salaries and bonuses

✔️ Health benefits and retirement contributions

✔️ Contractor payments (must file 1099-NEC for freelancers)

Taxes can be overwhelming, but taking advantage of every deduction you qualify for can save you thousands of dollars.

📌 Take Action Today:

✅ Review your expenses and track all deductible costs

✅ Use tax software or hire a professional accountant

✅ Keep detailed records to avoid missing out on tax savings

Which of these tax write-offs were you missing? Drop a comment below!

Share this with other Black women entrepreneurs who need to maximize their tax savings!