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How do business write-offs work?
Entrepreneurs can take advantage of a few different types of business write-offs. The most common write-offs are operating expenses, including utilities, office supplies, and advertising costs. Other common write-offs include start-up costs (such as the cost of incorporation), equipment purchases, and travel expenses.
Businesses can only write off the portion of their expenses considered business related. For example, if an entrepreneur has a home office, they can only write off the percentage of their utilities and rent/mortgage dedicated to their business activities. Similarly, travel expenses are only deductible if they are directly related to business activities (such as attending a conference or meeting clients).
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