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We're excited to welcome CPA Jaimie Eck to the MOB blog as she shares her list of can't miss business tax deductions. You can learn more about Jaimie and how to work with her at the end of the blog post. As a CPA who works mostly with small businesses, the question I get asked the most is, “Can I deduct this?” Small business owners work hard for their money and want to save every penny they can from getting taxed. The good news is, a lot of the expenses that go into building and growing your business are tax deductible. The bad news is, with so many deductible expenses, it’s hard to keep track, and it can be easy to forget an expense that you should be writing off. So today I'm sharing a complete guide to small business tax deductions. From Schedule C (for sole-proprietors) to Form 1120 (for corporations). From typical small business costs to pro tips for taking advantage of write-offs. I strongly recommend having separate business banking and credit card accounts so you can make sure you’re deducting everything. And I also strongly recommend using some kind of bookkeeping software, something that can keep digital copies of receipts in case you get audited. Nobody has time to deal the clutter of paper receipts, but bank statements are not enough if you ever get audited, so you’ll definitely want a record of the receipts. Many popular accounting software choices —like Wave, Freshbooks, and Quickbooks—have integrated expense tracking with apps so you can easily keep track of things on the go.  Photo by StellrWeb on Unsplash Can I Deduct Advertising Expenses? The money you put into getting your business going and growing can be deducted in full. After all, how could your business be expected to succeed without a little promotion? These expenses can add up fast, so make sure you’re accounting for everything. Common expenses in this category for small business owners include:
 Photo by Michael Soledad on Unsplash Can I Deduct My Home Office? If you have a room in your home that is only used as a home office and you do most of your work there then you can deduct a portion of your home costs as part of your business expenses. There are two ways to calculate this. The more complex way is to figure out the percentage of your home that is used for business and then calculate your home costs—like rent or mortgage, utilities, insurance, and repairs—by that percentage. Or you could go the easy route and use the simplified deduction, multiplying the square feet of your home used for business by $5 to get your deduction amount. Can I Deduct My Car or Truck and Gas? If you use your car at all for business expenses, make sure you’re deducting a percentage of those costs from your taxes, either by keeping track of the individual expenses incurred (like gas, maintenance, and even depreciation), or using the IRS’ standard mileage deduction — 58 cents per mile in 2019, 57.5 cents in 2020. Either way, you’ll need to keep track of your miles (if you’re writing off the individual expenses, you’ll need your business mileage and total mileage of the year to figure out what percentage of costs can be written off for business). Anytime you drive somewhere for your business—be it a business trip, a delivery, a meeting with a client or investor—make sure you’re tracking the miles and keeping a log somewhere. The biggest exception to what counts as business mileage is driving back and forth to your office or place of business—that’s considered commuting and no one can deduct commuting expenses. Whichever method of writing off you’re using, make sure you’re also tracking tolls and parking fees, which can be included whether you’re using the mileage deduction or individual expenses. If you purchase a vehicle for business use (like a delivery truck or van), you can depreciate the cost of that purchase over its expected lifespan. That is a separate tax deduction which I talk about later.  Photo by Emma Matthews Digital Content Production on Unsplash Can I Deduct Charitable Contributions? If you’re a sole proprietor, LLC acting as a sole proprietor, or an S-corp, unfortunately, this deduction doesn’t apply to you (though you can still write these off in your personal taxes if you choose to do itemized deductions). However, if you’re a C-corp and donate money, supplies, or property to a recognized charity, you can deduct it. There are just a few things to note: donations of time aren’t included, you can’t deduct more than 10% of your income for this expense, and the charity must be a recognized charity with the IRS. Can I Deduct Commissions and Fees? Any amount that you pay someone else to help sell your product or service can be written off. Common expenses in this category for small business owners include:
Common expenses in this category for small business owners include:
Any expenses that went into creating and delivering the products or services you sold during the year can be written off. This includes direct costs (like raw materials, merchandise for resale, and packaging) and indirect costs (like the labor required to create the product and costs to store the products).  Photo by Georgie Cobbs on Unsplash Depreciation and Amortization Large equipment or assets costing over $1,000 that has a useful life of more than one year for your business must be written off over the course of their expected lifetime through the processes of depreciation (for physical assets) or amortization (intangible assets). You can use Section 179 expense deduction to expense the full cost of qualified business property that was purchased during the year, so long as you also started using it the same year. Common expensive purchases like computers and furniture count under this, so it’s worth paying attention to for maximum write-offs. Common expenses in this category for small business owners include:
 Can I Deduct Employee Benefit Programs? This is another section that’s not super commonly used in the small business world, but if you do employ others and provide benefits, you can write the costs of those off here. This can include things like:
Can I Deduct Other Types of Insurance? If you purchase business liability insurance or event insurance, you can write the cost of the premiums off here. If the business owns vehicles that are 100% used for business purposes, you can also write the cost of the car insurance off here. If you’re self-employed and are looking to write off your health insurance, you’ll handle this on the personal part of your tax return. Can I Deduct Interest? Any interest you pay on credit cards, loans, or other lines of credit can be deducted here. Note that this applies only to accounts that are strictly for businesses purposes—if you use a credit card for a mix of business and personal, the write off doesn’t apply. Can I Deduct Legal and Professional Services? If you don’t have in-house legal or bookkeeping and instead pay an attorney, accountant, bookkeeper, or tax professional to help with your business, you can write off the expense here. Note that if you pay an accountant to do both your personal and business taxes, you can only write off the expense related to your business taxes—see if the Schedule C is a separate line item on your invoice, or just ask your accountant what the cost for the business filing portion was.  Photo by Jealous Weekends on Unsplash Can I Deduct Office Expenses? Anything you purchase to make your work space a more productive place to be can be written off in this section. Common expenses in this category for small business owners include:
Can I Deduct My Rent or Lease Costs? The cost of anything you rent for your business can be deducted here. Common expenses in this category for small business owners include:
Any costs you incur repairing or maintaining your equipment or office space can be written off here. Common examples of small business expenses in this category include:
All those things you feel like you’re constantly using and replacing to keep your business running smoothly? Those can be written off as supplies. For small business owners, this can include things like:
 Photo by Thought Catalog on Unsplash Can I Deduct Taxes and Licenses? Any taxes or fees you need to keep your business legally up and running can be written off here. This can include things like:
Can I Deduct Business Travel and Meals? While unfortunately, you can’t deduct your summer vacation, the costs of travel and meals related to business can save you some tax cash. For travel expenses, you must be on the trip primarily for business purposes. Then, you can write off pretty much every cost of the trip, including:
As for meals, you can write off 50% of the cost of food and drink as long as it’s for a true business purpose. When tracking these expenses, record the full cost of the meal, and then report 50% of the total cost on your tax return. Meal costs that can be written off include:
Unfortunately, this does NOT include getting yourself lunch during the day, or going to a coffee shop to get work done by yourself. Can I Deduct Utilities? Utilities you pay for running your business can be deducted here, including:
Can I Deduct Wages? If you have employees, you can deduct their wages here. Unfortunately, you cannot deduct the wages you pay yourself as a sole proprietor or LLC business owner. You are considered to be taking Owner's Draws in those circumstances and they are not considered business expenses. However, if you are an S-Corp owner then you MUST pay yourself a reasonable wage through payroll and in that case your wages are considered a business expenses.  Photo by Plush Design Studio on Unsplash What Other Expenses Can I Deduct on My Business Taxes? Other expenses include anything that doesn’t fit in the categories above, but that is still ordinary and necessary for your business to function. Some common extra expenses I always make sure my small business clients include are:
 Jaimie Eck is a CPA in Oregon and Washington and owner of Green Taxes, Inc. Her goal is to be your year-round tax partner for your tax and accounting needs. Her first consult is always free, and she promises to get your taxes done quickly and accurately and wants to help you find every tax deduction and credit you are entitled to. Connect with Jaimie.
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Dr. Lara Martin, a naturopathic physician, opened her business, Balanced Family Natural Medicine, when she and her husband moved to Hillsboro in 2015. As a senior in college Lara had the opportunity to shadow different types of practitioners to help her decide what her next career decisions would be. One of the doctors she shadowed was Dr. Shawn Peters. Her approach resonated deeply with Lara. “She practices primary care in the exact way that I have always believed it should be practiced, and she is just a wealth of knowledge for a young mom that is opening her own medical practice,” she explains. The main focus of Lara’s practice is pediatrics, midwifery and primary care. Although she sees entire families, she gravitates towards women and children. She opted to open her own practice because she wanted to be in control of how she treated patients. “I believe in giving my patients a very personalized connection with their physician.” Outside of work, Lara enjoys spending time with her children and husband by going on family hikes, playing board games, or just cuddling under a blanket eating popcorn and watching movies.  She says her biggest struggle in business right now is balancing work life and home life. Although Lara loves her job and the impact she makes for her patients, she also feels pulled to spend time with her three children. “I am working through this by only working part time, but with a medical practice there are always things that need to be taken care of on my days off. Some weeks I feel like I can do it all and it is not much of a struggle where as other weeks I feel like I am barely treading water,” she says. She would tell anyone thinking of starting a business to make sure they have a strong support system in place and to think about what they are really passionate about. “For me, I have to really enjoy the work in order to feel better about spending time away from my family. I am also a midwife so there are times when I will be at a birth for over 24 hours which can be really hard, but it is all worth it to help that mama bring a beautiful baby into the world,” she says. She would advise her younger self to learn more about medical billing and insurance. “It is not something that they really teach so I have been trying to teach myself which at times has been very difficult,” she explains. Lara says she loves the flexibility she has in her schedule because she works for herself. This year she adjusted her work schedule to be able to do school pick up and drop off for her oldest. She’s also able to make appointments and school events thanks to her flexibility.  When things are challenging Lara is motivated by her desire to show her kids that hard work pays off and her desire to serve her patients.
The best referrals for her business are women of childbearing age, those interested in home birth, and children Lara says the MOB has given her a place to escape from the stressors of the day because she can attend MOB Meetups at no cost and they a chance to enjoy an evening with friends and some good wine. She also appreciates the referrals the MOB has generated as well being able to refer patients to other MOBs. She offers a 20% discount on any supplements to MOB Alliance members who are also her patients. She accepts most insurance plans. Connect with Lara online: www.facebook.com/balancedfamilynaturalmedicine www.balancedfamilynm.com Do any of these sound familiar? "I don't really know what I'm doing." "I don't deserve the recognition I'm getting. I didn't earn it." "That person over there is so much better - why am I even trying?" "No one is going to buy from me and maybe they are right." "Anyone can do what I do. It isn't hard." Ah yes, the many annoying voices of imposter syndrome. Imposter syndrome tells lies, gives voice to your deepest fears, and can paralyze you with self doubt. One of the most challenging things aspects of imposter syndrome is the feeling that you, and only you, are the only one who suffers from it. But in reality, you aren’t alone, and even successful people deal with it at least occasionally. Judging by websites and social media accounts, it may seem as if everyone but you has it all figured out, and you're the only one being left behind but that isn't true (despite what someone's shiny Instagram may say). As a business owner imposter syndrome can impact your business in several ways. You may find yourself reluctant to promote what you do because you feel like a fraud while doing it. You may struggle to work on your business. You may avoid talking about what you do. It can seep into all aspects of your business - social media, email, blogging, and even in-person networking.  Photo by Ian Schneider on Unsplash How to Fight Imposter Syndrome So how do you overcome imposter syndrome as a mom business owner (or momboss or mompreneur or whichever term you like best)? First, recognize that you aren’t alone in feeling this way. Second, think of the times you’ve conquered it before. If you've had even one happy client, you've beaten imposter syndrome at least once. At least one person out there doesn't think you are making it all up as you go along. That is a good place to start! If you've beaten it once, you can do it again (and again) - which is what you will tell yourself the next time that tangle of self doubt and fear pops up. Instead of letting the negative voices stop you say "I see you, imposter syndrome, but I'm going to keep doing my thing anyway. Go play in the corner while I work, please." You can also boost your self confidence having a collection of nice things people have said about you. You can call them "Testimonials" or "That Time Someone DIdn't Hate What I Did" - its up to you! Whatever you call them, appreciate how people talk about you and the results you give them. Build a barricade of kind words and endorsements against imposter syndrome. Third, work on believing someone the next time you receive a compliment. Even better, recognize for yourself when you have a win. Celebrate it! Have the confidence and trust in yourself to grow your business, show up for yourself, say yes to opportunities, take the leap to do something bigger than you, and do the things you've been putting off because you didn't think you were good enough. Fourth, talk about it with friends. Shine a light on something that doesn’t want to be talked about and it will become less powerful. You’ll also find you aren’t the only one! If you are looking for a community that supports you as a mom and as a business owner, check out the MOB Alliance - it is a nationwide alliance for mom owned businesses. Your imposter syndrome probably won’t magically melt away, but being aware of it gives you building blocks that you can use to climb over imposter syndrome the next time it shows up.  Gwen Montoya is the CMO of the MOB Nation as well as a marketing strategist and coach. She loves making marketing accessible and empowering mom business owners.
Learn more about Gwen at www.gwenmontoya.com We're excited to welcome Olga Ward to the MOB blog as she shares her insights on the importance of self care and neurofeedback. You can learn more about Olga and how to connect with her at the end of the blog post. When you fly on an airplane, the flight attendant gives you clear instructions about what to do in case of an emergency. One of the most important things they tell you is to put your oxygen mask on first before assisting other people. Of course, logically, that makes sense. If we run out of oxygen ourselves, we can’t help anyone else. But as a parent, that can feel hard to accept. Our first instinct in every situation is to take care of our children before ourselves. I know that I am so used to caring for my kids’ never-ending needs that I often forget I have some of my own. It makes me feel completely selfish, even to consider putting that oxygen mask on myself first. Does anyone else feel that way? The “Good” Parent Modern American society has conditioned us to think that a “good” parent sacrifices their own care to make sure they meet their children’s needs. After all, our biological wiring leads us to protect our offspring to ensure the survival of the species. But most of us go far beyond meeting the necessary biological requirements of our children. We often give up our social life, friendships, career choices, and more to give our kids a chance at the best experience possible. We even put our self-care at the bottom of the list of important things. Sadly, many parents don’t put themselves anywhere on the list at all. Many parents tend to fall into the habit of thinking, “I’ll do something for myself when I have enough time/money/energy.” But somehow that time never comes. If you happen to be the parent of a child with special needs, you absolutely understand how deep the needs go. Between school meetings, doctor appointments, therapies, and sleepless nights, time for some mom-care is practically non-existent.  A Recipe for Burnout What happens when you continue to take care of your family while neglecting your needs and care? The relentless cycle of caring for others without respite can lead to many problems for a parent: Anxiety Depression Burnout Low energy Irritability Exhaustion Feeling on edge Physical ailments Even with all of these problems, the idea of self-care STILL feels selfish. It can feel like you are stealing resources from others to help yourself. For many parents, especially moms, it makes them feel guilty about choosing self-care once in a while. Your Family Will Benefit from Your Self-Care It’s time to recognize that self-care is a gift to your family. When you take care of your needs, you feel happier, more energized, and more patient. Who benefits from all this? Your family, of course! By filling up your own tank, you can do even more for your kids! When you realize that self-care makes you a better mom, it doesn’t feel so selfish anymore. I discovered NeurOptimal® neurofeedback when I felt at my lowest. It only took a few sessions to realize that this support was a gift to my family. By giving myself the gift of brain training, I was rejecting my habit of feeling like a victim who was stuck spinning her wheels. I became happy and relaxed. I started to joke and laugh at my own mistakes. Everyday issues no longer felt like huge mountains to climb. I wasn’t snapping at my children. Instead, I could enjoy my time with them. Neurofeedback for brain training is not only for your loved ones. I encourage you to train yourself so that you can be the best version of you possible. Your self-care has the added benefit of boosting your family’s well-being too. Schedule your appointment today and enjoy the peace of mind that comes with taking care of your needs. Your family will thank you for it. Special offer for MOB Alliance members: MOB Alliance members recieve an upgraded session of neurofeedback to include gentle energy work for even better relaxation. Check out my 3-session mini package special for $100 off!  Olga started her business, Beaverton Neurofeedback, after experiencing the power of neurofeedback for herself and her family. She especially enjoys working with children and families.
Olga and her husband provide intermittent therapeutic foster care with GOBHI for children with trauma and attachment issues, and both her own children have struggled with varying degrees of mental health issues including anxiety, developmental trauma, sleep, nightmares, and ADHD. Connect with Olga on Facebook and Instagram. Jacquie started her business, Translating Insurance, LLC, after being a stay-at-home mom for six years. Before electing to stay home with her children, she worked in financial services and sales & marketing. “My brain was starting to atrophy and I needed to do something outside of the home. I was inspired by my best friend to get into Medicare,” she explains. As she got to know the MOB Nation community, she realized there was a need for education and support around insurance options for self-employed and small business owners with families. That unmet need was what inspired her to open her business. “I want to be here for mom business owners to help them find affordable health insurance so they can focus on growing their businesses and being amazing moms!"  As an independent health insurance broker she is contracted with all the Medicare and Individual Health major medical plans in the Oregon market. It is free to work with Jacquie since she is paid by the carriers, not the consumers. Jacquie can also help you if you are in Washington, Idaho, Nevada, Arizona, Utah, and Texas. Jacquie says she has several mentors she admires. “My work mentor is Malia Rogers, a broker and my best friend in Idaho. My spiritual mentor is Dr. Shawn Lenhardt and my life mentors are my parents, who taught me to be kind and fair to others and to always give people grace instead of condemnation.” As anyone who has worked with Jacquie knows, she has a true passion for the work she does so it makes sense that her biggest struggle comes from setting boundaries and not overbooking herself. “I love to serve so much, but I do sometimes sacrifice time with my family to work. I think my kids feel like I love to work more than anything else.” Jacquie says a big part of her motivation when things get hard it looking at her long term goals of home ownership and being financially free. She would advise her younger self to spend less money on buying leads and more on connecting with humans and the community. “Connections are everything. People want to work with people that they trust, or people their friends trust and highly recommend.”  Her ideal referral is helping people who are turning 65 enroll in Medicare and Medicare supplements. She also loves helping families find affordable health insurance.
Jacquie would advise new business owners to join the MOB Alliance and take advantage of its benefits. “It has 100000000% paid off for me and the MOB has grown my business substantially.. Going to the meetups provides me with the emotional connection I desire with other adults. I feel like I'm walking into a group of friends every time I go to a meetup. And they keep their eyes out in the community for referrals and ways to tag me in posts. I truly appreciate this group,” she explains. Since she attends multiple meetups each month, she loves that she can attend any and all meetups at no extra cost. Connect with Jacquie online: www.facebook.com/translatinginsurance/ www.translatinginsurance.com If creating blog posts is a part of your overall marketing strategy, you’ll want to make sure they are effective, shareable, and help you connect with your ideal audience. The first step is to write a great blog post, but don’t stop there! Follow these six tips to create a blog post you audience will want to read and share! An eye catching (and accurate!) title Think about the last blog post you read. What was it about THAT blog post that made you want to read it? We’ll bet that at least a part of the reason you clicked on the link was because the title caught your attention. Although it may be tempting to write a title that is more click bait than truth, resist the urge. You may only get one chance to bring someone to your website, so don’t mislead them. Craft a blog post title that tells your audience exactly what they can expect to read when they click on your link. Does that mean your blog post titles need to be boring? No, but they should tell the reader what to expect within the blog post. Here is a great article about how to craft the perfect blog post title.  Add Images to Make Your Post Pop! Have you ever tried to read a long blog post with no break in text and no images? It can be overwhelming! Adding images makes your blog posts more interesting and more readable. Avoiding a wall of text will also encourage readers to stick around to read the whole post instead of skimming. Some businesses, like photographers, already have photos they can use. If your business isn’t naturally photogenic or you haven’t invested in branding photography yet, you’ll want to find free images you can use for your blog posts. An important thing to remember - Images found via Google searches are not free for you to use. Using copyrighted images can result in some hefty fines, so play it safe and either purchase stock photos or use free stock photography sites like these 17 unique and diverse stock photography options. Ready to invest in branding photography? These MOB Nation members can help!  Don’t forget subheadings (like this one) Subheadings, like the one above, are almost mini titles for each section of your blog post. They make it easier for readers to skim your copy as well as adding structure to your writing by breaking it up into easy to absorb chunks. Subheadings benefit your blog posts in a couple of other ways, too. Similar to the title and word count, when used properly they can help your blog post be found by search engines (and people looking for your content). And, just like images, they help break up your copy to make it more enjoyable for your audience and easier to read. This is especially important when you consider how many people will be reading your posts on their mobile device. The right word count Ideally, a blog post should be exactly as long as it needs to be. But how long is that? It depends on the goals of that specific blog post. If SEO isn’t the focus of writing a blog post, then the length isn’t as important as it would be if you were writing a blog post for SEO (search engine optimization) purposes. For a non-SEO focused blog post, write as much as you need to write to adequately convey what you want to say. If one of the goals of the blog post is SEO, then you’ll want to aim for 800+ words and some studies show that even longer content is better for ranking and will give you a better return on your time investment. Should you write shorter blog posts or longer blog posts? It depends on your goals, what you audience prefers to read, and how much you have to say about the topic.  Call to action/Next steps If the phrase “Call to Action” or “CTA” is new to you, it just means that you are telling your readers what you want them to do next. Do you want them do email you? Download bonus content? Sign up for your email list? Go to another place on your website - like a sales page or another blog post? Why have a CTA? It allows you to direct your audience to the next thing you want them to do. After all, you’ve worked hard to write, publish, and promote your blog post why not take advantage of the time you have with them to make it easy for them to stay connected with you? Promote, promote, promote Creating and writing a blog post is just the first step. The next step is to promote it to your audience. Here are ten ways to promote your blog post: Share it on Facebook. Announce your new blog post on Instagram and include an excerpt.. Pin your blog post on Pinterest. (and repin it to different boards) Include your blog post in your next email to your list. Share your blog post the next time someone is asking about the topic you wrote about. Reshare your blog post a month after you wrote it. Promote your latest blog post in your Instagram Stories. Consider promoting your blog post as a Facebook ad (especially if your CTA involves a way for someone to get on your email list). Make a quick video talking about your blog post and direct your audience to read the blog post for more details. If you have related blog posts on your website, include a link between blog posts for further reading  Gwen Montoya is the CMO of the MOB Nation as well as a marketing strategist and coach. She loves making marketing accessible and empowering mom business owners.
Learn more about Gwen at www.gwenmontoya.com |
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