26 Tax Write-Offs for Self-Employed Financial Advisors
NAICS business codeYour NAICS business code is a six-digit string of numbers that shows the type of work your business does. NAICS stands for North American Industry Classification System. When you do your taxes, you'll enter it in Box B of your Schedule C.523900
Reviewed bySabrina Wiechart, CPASabrina is a Certified Public Accountant (CPA) with over 15 years of experience in tax preparation, planning, and S-Corp compliance. She holds a Master’s in Accounting and specializes in helping self-employed individuals make smart tax decisions. Sabrina is passionate about simplifying the S-Corp process and making sure every client keeps more of what they earn.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!
Software to help plan your clients' financial strategies can be deducted on your taxes.
Certifications like the CLU, CFP, or ChFC can be costly. Luckily, you can write them off.
This covers training that maintains or improves skills for the work you already do. Courses that qualify you for a new trade or profession are not deductible.
Educational books to increase your knowledge and skills are tax write-offs.
Deduct anything you buy for your office, like pens, binders, folders, printer ink, or a whiteboard.
If you belong to the Financial Planning Association, the National Association of Personal Financial Advisors, or any other professional orgs, write off your dues. The share of your dues that goes toward lobbying isn't deductible — your organization can tell you what percentage that is.
Where an association spends part of your dues on lobbying — FPA does — that portion isn't deductible.
Print and online advertising costs for your business are considered write-offs.
Business cards, brochures, service menus, and flyers promoting your business are deductible.
Squarespace, Wix, GoDaddy, and other website service fees are fully tax-deductible.
Freelancers, contractors, or other services that help you run your business are tax-deductible.
Pay any one contractor $600 or more in a year and you'll need to file a Form 1099-NEC for them.
Computers, monitors, headphones, external hard drives, and more are considered tax-deductible.
Fees to renew your license to perform your work are fully deductible.
Errors and omissions coverage protects you when a client claims your advice or work caused them a loss — the premiums are deductible.
Certifications and compliance fees your field requires to keep operating are deductible.
If you drive for work ...
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!
Parking for a meeting downtown, or any other work trip, is tax-deductible!
A toll while driving to or from a work destination is tax-deductible!
If you buy a new car, you can write off part of the cost every year for five years.
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Car insurance monthly fees, registration, even roadside assistance are partially deductible — if you use the actual expense method. The standard mileage rate already covers them.
Oil changes, repairs, and regular checkups are deductible if you use the actual expense method. Take the standard mileage rate instead and they're already baked into your per-mile deduction.
If you discuss work at a restaurant ...
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 potential it could turn into a referral or the conversation is work-related, you can claim the deduction.
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off — 50% of the tab.
If you leave town for work ...
If you travel far enough from home that you need to stop for sleep or rest before returning to attend an industry conference or meet with a client, you can deduct your travel expenses on your taxes.
Planes, trains, and car rentals are all work-related travel costs that can be written off.
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write-offs.
When you're traveling for work, your meals are 50% deductible — takeout included. (Long-haul truck drivers subject to DOT hours-of-service rules can deduct 80%.)
If you work from home ...
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.
A desk, chairs, lamps, and other home office necessities are all tax write-offs. Anything over about $2,500 gets depreciated on Form 4562 instead of written off all at once.
Repairs just for your home office are 100% deductible. Repairs to the rest of your home count too, prorated by your business-use percentage on Form 8829.
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
It'd be hard to work in an office without running water, huh? Your water bill counts.
You need internet to do your job! If you claim a home office, deduct it prorated on Form 8829 along with your other utilities. Internet you pay for on the road, purely for work, is 100% deductible.
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