TherapySites Blog How to Track Your Expenses for Business Taxes

The best way to make your business taxes painless is to plan ahead. Tracking your business expenses throughout the year can save money on your quarterly taxes. But it’s overwhelming to dig into all the rules to learn what you can write off and how to track your expenses. Here are a few simple suggestions you can start using today. What Can I Write Off on My Business Taxes? You can usually write off anything that is a normal and necessary operating expense. The following are three of the most common expenses. You might want to start with these. Marketing and Your Practice Website Your website and other marketing are a normal business expense, so you can write them off. If you have a TherapySites website, contact our customer support team. We’d be glad to send any necessary documentation. Professional Association Dues If you’re a member of any professional associations, write off your membership dues. You can include them in your business expenses. Continuing Education Expenses Any costs related to continuing education are usually tax-deductible. Examples can include conferences, lectures, and workshops. You might also be able to include journals, professional magazines, and reference materials. Don’t forget to include travel expenses. Those are a few common business expenses that are easy to track. You can consider tracking many more: Business or malpractice insurance Office equipment, supplies, postage, furniture Legal or other professional fees Bank and merchant credit card fees Office rent and utilities Mileage for business expenses Now you know what kind of expenses you can write off on your business taxes. But how do you track them all? How Do I Track of All My Expenses? There are many ways you can track your business expenses. We included a few simple ideas to get started. Keep a Weekly Log If you’re starting off, you can use a small notebook. Track your expenses by amount, category, etc. Later, you can switch to a software solution. Investigate to see what other mental health professionals are using. Your software expenses are also tax-deductible. Keep All Your Receipts Save your receipts for every […]