So, what are self-defense costs?
And even more importantly...what the heck do they have to do with taxes?!
This is a tricky topic and we are NOT talking politics here - just the taxes surrounding it. Sip some coffee with me and allow me to explain ️
Mostly speaking to my brick and mortar business owners here...but If you have a reasonable need for self-defense in your business, you may be able to deduct your security expenses. However, if you have a home office and clients know where you live, this could apply as well.
This would not only include a security guard or security systems, but it could also include a personal handgun, ammo and expenses for training on how to use it.
Now, this doesn’t mean you go out and buy all the guns simply to write them off as business expenses because you can...This only works in your favor if they are reasonably connected to a business purpose!
I would recommend keeping receipts (as you should already be doing, of course!) and speaking with your tax consultant if this is something that could apply to you!
Questions? Drop them in the comments! Tax day is coming up so send me a DM and let's get you prepared the right way!
I would recommend keeping receipts and staying on top of expenses (as you should already be doing for all areas of your business, of course!) and speaking with your tax consultant if this is something that could apply to you!
Does this apply to your business? I’d love to hear your thoughts or questions!