10 Employee Expenses That You Sould Know
Having an employee can set your business back a few extra bucks each month, but there are a lot of business owners out there that don’t know about a few expenses that they can write off. Remember, every time that you write off an expense, you’re going to be saving yourself some money tax wise!
Listed below are 10 expenses that you can write off when its related to your employee. Again, for tax advice, you will always want to refer to a professional accountant.
- #1 Cell phone: If your employees carry around a cell phone or you give them one, make sure that you’re writing off the bill. As long as the talking is done on company time, you have nothing to worry about.
- #2 Commuting: If your job requires a lot of travel, you’re going to find that commuting there is going to require gas and other necessary expenses. Make sure that your employee logs his/her miles.
- #3 Laptop / Computer: Does your employee have a laptop or computer that you have purchased? Even if you’re not using it and the employee is, this is another expense.
- #4 Meetings / Seminars: You may find yourself heading down to some sort of convention that is related to your work. If you send off your employees, be sure to write off the travel, hotel, and more.
- #5 College: There may be a time where you want to send an employee to advance his/her career. This is a great idea because not only does it help you, it helps them as well.
- #6 Home office: If you have employees working both in the office, as well as in the home, make sure that you have them write off things that are related to their job.
- #7 Moving: Let’s say that you have more than one location or maybe you want to move another employee in. Moving can be expensive, so make sure that you write it off.
- #8 Travel: Whether its a passport, plane ticket, or something else. These can be a write off if you’re going to be going away on business.
- #9 Work clothes: Since many retail shops need uniforms, this is a great way to showcase your business and show professionalism. It also is another write off.
- #10 Car: A company car is nice and if you’re going to hand one out, make sure that you write off everything from the miles to the purchase.
The list goes on and on and what you’re going to find out is that if you’re going to question a write off, make sure that you refer to your accountant for advice.
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