If you're a social media publisher or Web marketer, you may be able to reduce your tax bill by taking advantage of a few over-looked deductions. If you use certain items as part of your operation, they can probably be classified as business expenses.
1. Software, apps, office equipment and supplies
Do you use any of these as part of your Web campaigns?
- Social sharing apps
- Microsoft Office software
- Cloud services
- Android tablet
- Office supplies
Then they are tools of your trade. Save your receipt and use them as deductions.
2. Internet/Wi-Fi service
Many publishers and marketers forget to deduct their Internet and Wi-Fi fees because Web connection is such a common part of daily life. Don’t forget this over-looked deduction because it can reduce your tax bill.
If you're a news writer or blogger, you may be able to treat your cable bill as a business expense. If you do product reviews, your orders on retail sites such as Amazon.com can probably be classified as tax deductions.
3. Home Office
If you work from home, the space you use can be deductible as a portion of your monthly housing expenses. Here's the IRS's guidelines on using the home office deduction.