Startup Businesses: Expenses
Alakov469
expenses

Expenses Photo by Domenico Loia on Unsplash

Many startup businesses can deduct expenses that were necessary for the business coming to life.

Last time we talked about all the tax needs a startup business will need, but let’s talk about business expenses.

Things like a home office for remote work, utilities like internet or electricity for a building, supplies like office supplies, cleaning supplies, or whatever is necessary for the industry your startup is in. If you’re driving around solely for the new business, you can deduct mileage. Once again, the paperwork is going to be your best friend and help us validate the deductions. 

There are many tax breaks for new businesses, but not everyone may get those breaks. We can help you access and learn what tax breaks you might qualify for and how those may best serve your new adventure.

The basics categories for write-offs include creating the business, launching it, and forming it. Write-offs for creating the business may include research, traveling, etc. Write-offs for launching the business once it’s created may include employment needs like hiring fairs, staffing, training, and improvement, etc. Forming write-offs may include paperwork and legal fees, state and federal fees, etc. However, nothing can be written off unless there is a paper trail to prove where the expenses came from and how they were used. 

Starting your own business may seem intimidating and a bit overwhelming. If you plan and organize everything from the start, your taxes can be easy. We can help consult and finalize your taxes without much stress for you and your new adventure. The American dream is within us all, and we’re eager to help you achieve it!

Have any questions, give us a call here at Metro Tax & Financial Services.
We are here to help you get through the stress of taxes!

We offer a free 30-minute consultation so call us and let’s get your appointment set up (928) 680-1444

For more Tax Facts make sure you are following us on Facebook

Click HERE for more Tax Facts and Financial News

Suggested Articles

Financial Implications of Marriage

Marriage isn’t just about two people who fall in love and choose to spend the rest of their lives together. It is also a contract. And while that contract might not be forever binding, marriage does come with certain financial and familial obligations regardless...

Strategic Roth IRA Conversions: Maximizing Retirement Income While Minimizing Taxes

For many high-income earners and those approaching retirement, a Roth IRA conversion represents a strategic financial move that can significantly impact long-term wealth preservation. This approach allows you to restructure your retirement savings in a way that could...

Tax Fact: Changes to HSA and IRA

Tax Fact: The end of the year is coming up on us fast and that means that tax season is right around the corner. There have been some changes to HSA and IRA contributions. HSA: Contribution limit (employer + employee): 2020: Self-only: $3,550 Family: $7,1002019:...

Rules of the Roth

With a Roth IRA, the owner can make limited contributions each year. In 2025, the limit is $7,000; $8,000 if age 50 or older. Only people who earn less than $150,000 (single filers) or under $236,000 (married filing jointly) can make a full Roth IRA contribution....

Dissecting Bookings and Annual Recurring Revenue

With the number of Amazon Prime member subscribers growing from 58 million in 2016 to 180 million in 2024, according to Statista, there's a sustained recurring subscription model that one of America's most successful retailers has increased more than 200 percent in...

Understanding Carbon Accounting

Also known as greenhouse gas (GHG) accounting, carbon accounting is a way for managers and analysts to measure a company's total carbon emissions. It's a comprehensive approach to analyze how a company uses energy for its buildings, offices, conveyances and...

6 Tax Filing Tips & Important Info for 2025

As Benjamin Franklin said, there’s only two certainties in life: death and taxes. With the former, you don’t have much control over; however, the latter can be affected. That’s why we’re here to give you some tips and info about filing in our...

Tax Fact: Do you need an Accountant?

As a business owner, an accountant can help you handle growth transitions, such as hiring employees or taking on more office space. They'll look after the detail (payroll, employee tax management, property tax, utility payments, and so on), leaving you free to look at...

Dissecting the Half-Year Convention for Depreciation

Depreciation can help a business realize tax benefits, maintain compliance with financial reporting requirements, and project asset replacement. The half-year convention for depreciation is an important practice to understand.For fixed assets, depreciation is...

5 Tips on How to Track Monthly Expenses

Keeping tabs on what you spend isn’t hard. It just has to become a habit. But here’s the good news: Studies show that it only takes an average of 66 days to form a habit. A little over two months. With these easy ways to track your monthly expenses,...