As the economic recession is dragging on and on, every business owner should be writing off as much as possible to save money on their taxes. One of the most expensive services that many businesses pay every single month is broadband internet.

This expense can be written off if the home internet connection is used solely for business use only. If the broadband connection is used for more than just business, accurate records should be kept because, if a business is audited, this write off could come back to haunt the business owner.

Broadband and Home Offices

If you work from home in your garage or in a separate bedroom, you must claim a home office deduction and have a dedicated broadband internet connection that’s used for business only.

Other Important Business Write Offs

Professional Services – You can write off any type of service that you use for running your business. This includes lawyers, accountants and companies that you’ve hired for marketing.

Donations – If you’re planning on getting new computers for your office or any type of hardware that you use in your business on a daily basis, you should donate those old items that you’re going to be replacing to local charities. Anytime you donate something to a charity, make sure that you get an easy to read receipt.

Old Invoices – Many businesses sometimes use collection agencies for collecting on old invoices that are owed. If you have customers that haven’t paid for six months to one year you should write off those invoices. Just make sure that you deduct the cost in terms of the service or value of the product that you may have sold the customer.