7 tax write-offs small business owners can’t afford to miss

Accountants and other fiscal experts often emphasize how smart daily accounting makes for less hassle come tax time. With a little tax savvy, you could have an easier time filing for your business and likely pay less to the IRS. One trick is knowing exactly what you can and cannot deduct. With that in mind, here are seven tax write-offs small business owners commonly miss when filing:

1. Meals and entertainment

Everyone knows meals and entertainment are deductible when you are finalizing terms with a client over dinner. However, you can extend those boundaries to include business-related conversations, networking events that resulted in a lead, or any other dining and entertaining. Just be sure to keep receipts with notes about who you were with and the results of every just in case you’re audited.

2. Bank fees

With bank's fee schedules changing every six months, it’s nearly impossible to remember the terms of every account and when each payment is due. The good news is that bank fees for your business accounts may be deductible. For example, if you need cash to pay a delivery person and have to use the ATM next door, the $3.00 fee, in addition to the one your bank might charge, can be deducted. Similar deductions are available for cash-advance fees on credit card transactions. These are all deemed legitimate and necessary costs of doing business.

3. Smartphones

Entrepreneurs often lament the amount of time they have to spend on their phones. But if you’re working and/or trying to grow your business from your phone, a portion of the device's cost and the cost of a service plan are deductible.

4. Home furnishings

If you have a home office, you’ll need to have chairs and other furniture to make it a comfortable place to work. At night, you might even roll the same leather chair you use in your home office out into your living room. This allows you to enhance your home with purchases that also qualify as tax write-offs.

5. Extra start-up costs

During the first year of any business, business owners may write off up to $5,000 of start-up expenses. But you’re not obligated to stop there. You can write off any additional spending in amortized amounts over the next 15 years. Ask your accountant how to set up a write-off plan for these expenses.

6. Promoting charitable walks

Charitable contributions to qualifying organizations can be written off as deductibles, yet many business owners overlook their sponsorships for fund-raising walks, support of local Little League teams, and other contributions they’ve made throughout the year. Keep records and receipts for all charitable giving and include them in your next filing.

7. Coffee

This is one of the most commonly forgotten write-offs of all. When you stock coffee for brewing at the office or make it at home while working, it can be deducted as a business expense.

As a general rule, small business owners should keep records of all transactions relating to their companies from the first weeks of the year through the holiday season. There’s no reason you shouldn’t take advantage of all the tax write-offs that are available to you, as long as you consult with a qualified tax professional beforehand.

Make your online business image shine in 3 easy steps

Whether you own a mom-and-pop store competing with big brands, or a growing company with designs on the national market, your online presence means everything. But if you're a small business owner without a great deal of web savvy, don't worry. Here are three simple steps to making your online business image shine:

1. Build it up

Any effort to increase your brand exposure begins with building a website and social media pages. Stephanie Balderrama, president of Consumer Insights Group, told an audience at ad:tech New York that many business owners fail because they ignore their target audience during the website design process. In her work for Cinemax, Adobe, and other brands, Balderrama built winning websites using clear focus, easy navigation, and strong visuals.

Building social media pages for your business takes an equal amount of preparation. Facebook's "pay to play" system puts a burden on companies that hope to gain exposure without paid advertisements, so in this area, it’s best to consult with professionals for strategies to increase your social media reach, impact, and ROI.

2. Amplify your content

Once you have a targeted website and social media pages in place, expanding your brand's reach should be your next priority. When it comes to social media content, the rules are always changing, but there are still certain universal winning principles. For example, in the case of your Facebook posts and company blog (a marketing essential), when you publish is just as important as what you publish. Far more exposure is available to small business owners who publish at night and on the weekends because the fact of the matter is, people pay less attention when they are working at their own jobs.

Other winning social media strategies place a premium on what your audience is most interested in. Catering to your followers and fans in this way increases the likelihood that they’ll share the content with their networks. This type of engagement is invaluable for small business owners.

3. Protect your assets

After you've established yourself, it’s time to protect your good name. Negative comments on social pages and elsewhere online could put a dent in your company's reputation. Often, this negative publicity will be inaccurate and unfair, but rather than ignoring the drama or retaliating, your best strategy will be to respond professionally to the criticism. Make sure your audience understands that you always strive to meet their needs. The best way to manage your online reputation is to monitor your site and social pages and address any issues early.

Another way to protect your company is by cultivating a loyal following of brand advocates. Recognize consumers who are promoting your brand without compensation by offering them coupons, highlighted social posts, or other recognition. You’ll find you have strength in numbers when brand advocates on your side.

Your online business image will be strong once you have the right strategies in place, and whether you’re a marketing whiz or have yet to open a Twitter account, the resources to help you choose and implement those strategies are available.