Running A Blog Business? 6 Tax Deductions You Shouldn'T Miss
When you are running a business online like Ruben D. Rosas, Inc. Accounting & Tax Solutions, it is common to assume that you don't have the same expenses or opportunities for tax deductions as a more physical based business. However, that just isn't true. Many of the things that you pay for your online blog are considered business expenses, and thus can be used as a deduction to lower your taxes.
Email Service Provider
If you use an email service provider to help you send out your emails to all of your subscribers, such as Converkit, make sure that you track your monthly subscription fee. As this is a service that is directly tied to your business, it is a business expense that you can deduct from your taxes.
Stock Photography Purchases
Running an online business is all about the visuals. If you have a subscription to a stock photography site, or if you purchase individual stock photography for your business, keep track of all of those purchases. If you purchase custom fonts or use any tools to create custom logos or designs, these are all acceptable business deductions as well.
Monthly Hosting Fees
You may not rent out a building for your business, but you do rent space online. Those online rental fees or hosting fees are a business expense. Hosting fees are as much business expense as the rent is for a brick and motor business; it is a necessary fee you have to pay in order to have space online.
Domain Registration
Every year, you have to register and pay for your domain in order to keep it. This is considered a necessary business fee or expense, and it yet another item to add to the things you can deduct.
Virtual Assistant
When you are running a blog, it can be difficult to get all of that work done on your own, which is where a virtual assistant comes in. A virtual assistant is not a full-time employee but is rather a contract employee, which means that you don't have to pay income taxes for them. You can, however, deduct the expense of all virtual assistants that you work with from your income. Be sure to send out a tax form to any virtual assistant you work with enough to reach the reporting threshold.
Online Business Courses
Bloggers are well known for creating courses that can help you grow your business. If you purchase any online business courses to help you grow your business, that counts as an educational expense for running your business. Online business courses are something that you can deduct from your overall profits. If you also sign up for some coaching to go online with those courses, that counts as well.
Keep track of everything that you spend money on in order to grow your online business because there is a good chance that whatever you are spending your money is an expense that you can deduct from your overall business profits, which will help you lower your business taxes.