Have you ever had someone try to sell you something on the premise of “It’s ok you can write it off.” So you want me to buy your product which I don’t think fits into my business because I can write it off. A write off for the purpose of a write off is moronic. I could get started on the whole tax deduction thing where you pay a $1 for something to keep from writing the government a 30 cent check, but I don’t have time for a tax discussion today.
What most people don’t understand about small business is that a “write off” is a reduction in income. Every dollar spent is one less you can take home. I am all for properly using the business expense benefit of a being a small business owner. You just need to keep a realistic view of expenses. The main reason we spend money in a business is to create revenue. Of course there are operating expenses such as insurance, office supplies, etc. However other expenses such as marketing and a sales team all need to have a tangible return on investment. After all the dream of small business is owning a profitable business. Nobody starts a business with the dream of losing money. Stay dilligent on expenses. I am spring cleaning my expenses right now. Tax time is such a great reminder of profit and loss. The best “write offs” are sometimes when you can “write off” an unnecessary expense from your budget.
Next time you are tempted to purchase something, ask yourself if it’s truly needed and if it will create an income stream.
Till next time – it’s a blessed life.
Joseph Cortez
Joseph Cortez 