Have you ever had to do something you know takes a lot of your time but know you have no choice? For me, that's dreadfully filing taxes every year. I can't stand them because it's time-consuming, and my husband doesn't cooperate. I work in Corporate America, so all I have is a W-2. Mr. Marshall, on the other hand, has multiple jobs. He has a business and works as a W2 employee, which means tax season can become a bit much. The thing with him having his own business is he must keep track of everything he spends or make concerning his business only. In past years I filed them; however, these past two years have been left to a professional because they have become more complex, and I'm not aware of all the things I can write off.
What is a Write-off?
Write-offs are nothing but your expenses for your business, from clothes, meals, gas, rent, phone bill, and so much more. The purpose of a write-off is to help lower the tax liability for all combined income. Therefore, the more write-offs you have, the better off you will be when submitting your return. If you are a business owner, the best thing you can do is have a system to keep track of expenses or hire a CPA (Certified Public Account) or tax preparer because they know the updated tax changes. CPAs and tax preparers are either skilled or trained and understand what does and does not qualify as a write-off, but what if they weren't?
So many of us quickly write things that may or may not qualify. How often have you written someone out of your life and realized later that you should have done that differently? How many jobs have you written off because you thought you didn't qualify to find out later you did qualify? How many times has someone written you off to come back and later apologize? Writing off things or people isn't always right because we often do it when we are full of emotions. Emotions will have you staying in things longer than you need and leaving something you should have never discussed for the next 30 years.
In conclusion, take your time to write things off. Then, evaluate whatever it is and determine if it's a liability or an asset.
Ask yourself these questions below!
1. How many things have you written off in your life?
2. Was it beneficial?
3. Do you regret it?