One of the most common questions we get asked at Metro Tax Solutions relates to how creatives can save more money in their business.
We can honestly say that one of the best ways to save money is by lowering your taxable income.
By simply lowering your taxable income through relevant tax deductions, creatives can leave their hard earned money in their pocket.
Here are our top 5 tax deductions for creatives, artists, and photographers.
Mileage - Keep track of all business related trips. Keeping track of these travels will allow you to deduct these expenses at the end of the year.
Software - Adobe Creative Cloud, Dropbox, and Shopify are just a few examples of software creatives need to use to run their business. These subscriptions can be deducted at tax time.
Supplies - Simple office supplies such as pens, paper, and notepads can be deducted on your tax return and keep money in your pocket.
Printing - By keeping receipts of any print or copies related to your work is helpful when filing for a deduction.
Advertising - Promoting your business, whether through Facebook or Google Ads are all expenses that are deductible.
Unfortunately, items such as commuting mileage or personal expenses such as haircuts and clothing are common expenses and therefore non-deductible.
By saving your business receipts and documenting the expenses you want to deduct, you can save hundreds and even thousands of dollars every year by doing what you love, creating!