Kelly Phillips Erb, from Tax Girl, recently did a post about tax deductions on Problogger.net. And while it is true that tax information on the net doesn’t ever fit every situation, there are some great items on the list that I never even thought to deduct for my business.
Things like web hosting fees, web advertising, and prizes for contest giveaways. I am not sure if all this information is valid for Canada, which is where I live, but it is still a very interesting list.
Here is a snippet from her post:
The most popular question in response to my guest post on Problogger last time was invariably some form of “Can I deduct…?” It makes sense. Figuring out what constitutes income in the blogging world is pretty easy. But what constitutes a proper deduction is another story – and bloggers usually err on the side of not deducting enough (and not the other way around).
I know that I did a fair amount of deductions last year, as I really tried to get my business going. This year, I really scaled back on how much money I put into my business, but with tips and advice such as this, I might just have as many deductions as last year.
Heck, I could have saved myself more money last year had I known about all these. Definitely a post worth checking out on Problogger.net.