As a self-employed financial advisor, we’re sure you already know about the advantage of using write-offs to lower your tax bill. But do you take the same care with your own finances that you give to your clients’?
It’s easy to tell someone else to make the smart financial call, it’s a bit more effort to follow your own advice. That’s why we’ve made it easy, by gathering all the best write-offs for financial advisors in one place!
Schedule C, Box 18
Software to help plan your clients' financial strategies can be deducted on your taxes.
Schedule C, Box 27a
Certifications like the CLU, CFP, or ChFC can be costly. Luckily, you can write them off.
Schedule C, Box 27a
Educational books to increase your knowledge and skills are tax write-offs.
Schedule C, Box 18
Deduct anything you buy for your office, like pens, binders, folders, printer ink, or a whiteboard.
Schedule C, Box 10
If you belong to the Financial Planning Association, the National Association of Personal Financial Advisors, or any other professional orgs, write off your dues.
Schedule C, Box 8
Print and online advertising costs for your business are considered write-offs.
Schedule C, Box 8
Business cards, brochures, service menus, and flyers promoting your business are deductible.
Schedule C, Box 8
Squarespace, Wix, GoDaddy, and other website service fees are fully tax-deductible.
Schedule C, Box 11
Freelancers, contractors, or other services that help you run your business are tax-deductible.
Schedule C, Box 18
Computers, monitors, headphones, external hard drives, and more are considered tax-deductible.
You don’t have to be a rideshare driver to claim vehicle expenses. As a financial advisor, you might make trips to meet a client or to pick up office supplies. This still counts!
Schedule C, Box 27a
Parking for a meeting downtown, or any other work trip, is tax-deductible!
Schedule C, Box 27a
A toll while driving to or from a work destination is tax-deductible!
Schedule C, Box 13
If you buy a new car, you can write off part of the cost every year for five years.
Schedule C, Box 22
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Schedule C, Box 15
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Schedule C, Box 9
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
Contracts don't need to be signed at the table for a meal with a client or fellow financial advisor to count as a business expense. If there's a potential it could turn into a referral or the conversation is work-related, you can claim the deduction.
Schedule C, Box 24b
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
If you travel more than 100 miles or book overnight accommodation away from home to attend an industry conference or meet with a client, you can deduct your travel expenses on your taxes.
Schedule C, Box 24a
Planes, trains, and car rentals are all work-related travel costs that can be written off.
Schedule C, Box 24a
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.
Schedule C, Box 24a
When you're traveling for work, all meals are tax-deductible. Even takeout!
If you're a financial advisor who works from home, whether on creating client financial plans, creating marketing assets, or doing industry research, you can get a big break on your taxes.
Schedule C, Box 18
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
Schedule C, Box 21
You can write off up to $2,500 for individual repairs to your property.
Form 8829
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Form 8829
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
Form 8829
It'd be hard to work in an office without running water, huh? You water bill counts.
Schedule C, Box 25
Your Comcast bill is a tax write-off. You need internet to do your job!
