As a virtual assistant, completing tasks for your client will most likely require software subscriptions, amongst other things. Due to the independent nature of the job, paying out-of-pocket for these expenses is common. Track these common expenses so that you can save more money on your taxes!
All expenses related to the design and marketing of your business are tax deductible such as online ads, billboards, and business cards.
Service fees paid to the bank through your business bank account related to operating your business are tax deductible.
Legal fees from your accountant or attorney directly related to operating your business are tax deductible.
Fees related to an organization or service used to find or conduct business are tax deductible.
If you use your phone for work, the purchase and monthly bill are tax deductible.
Accessories for your work phone, such as USB charging cables, are tax deductible.
Fees for conferences, seminars, and professional events are tax deductible.
Monthly or annual subscription fees for computer software or apps related to your job or business are tax deductible.
Supplies you buy for the office and materials used for work are tax deductible (paper, printer ink, wood, nails, etc.).
Standard business equipment and tools used for work are tax deductible.
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Since being a virtual assistant requires you to work remotely, you'll most likely have a dedicated office space to conduct work. Whether it's a desk or a dedicated corner in your room, there are tax deductions for it if used for work.
Expenses related to maintaining and improving your office space are tax deductible. For example, floor repairs or repainting the office room walls.
You can deduct necessary furniture and equipment used to run your business.
A part of your house rent is tax deductible if it’s used only for business purposes.
Business expenses for electricity, water, heating, waste, and internet are all tax deductible.
The cost of running your business’ website is tax deductible. This includes website hosting and domain fees.
Although uncommon, virtual assistants may drive to certain places for their clients. Be sure to track these car expenses when driving for business purposes!
Gas for your business vehicle is tax deductible.
License and registration fees required to drive your business vehicle are tax deductible.
Business-related parking and toll fees are both tax-deductible expenses. However, parking fees paid to park at your workplace are not deductible.
Roadside assistance expenses are tax deductible. If you have a roadside assistance plan, it’s tax-deductible if your insurance plan doesn’t include it.
The insurance cost for your business vehicle is tax deductible.
Repairs and costs to maintain your business vehicle are tax deductible.
Traveling away from home may be required, especially when there's a client-related event. Thankfully, there are tax deductions that you can track to maximize your deductions.
You can deduct half the cost of meals with clients and meals purchased while out of town on business trips.
Transportation and accommodation expenses when traveling for work are tax deductible.
The cost of staying at hotels and rental properties (like Airbnb) is tax deductible.
