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 bya tax professionalThis content has been reviewed by an Enrolled Agent (EA) with the IRS — the highest credential awarded by the agency. Enrolled Agents are empowered to represent all taxpayers before the IRS, on all types of tax-related matters. Accountants who earn this certification have passed a comprehensive three-part exam on individual and business tax returns. To maintain EA status, they must stay up to date in the field by completing 72 hours of continuing education every three years. 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.
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.
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.
Computers, monitors, headphones, external hard drives, and more are considered tax-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.
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
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!
If you leave town for work ...
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.
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, all meals are tax-deductible. Even takeout!
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.
You can write off up to $2,500 for individual repairs to your property.
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.
Your Comcast bill is a tax write-off. You need internet to do your job!
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By Jesus Morales-Grace, EA
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