22 Tax Write-Offs for Self-Employed Loan Officers
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.522300
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 loan officer, you’re used to assessing other people’s finances. But have you ever audited your own?
If not, you could be missing out on significant savings — and one easy way to sneak some in, is by writing off your business expenses on your taxes! With write-offs, every ordinary business purchase you make for your career can actually save you money in the long run.
It’s like granting a loan to your future self. And we’ve assessed that your life would be even easier if we compiled all the best write-offs for loan officers in one place. Now that’s something to give your stamp of approval!
Deduct anything you buy for your office, like pens, binders, folders, printer ink, or a whiteboard.
Squarespace, Wix, GoDaddy, and other website service fees are fully tax-deductible.
Print and online advertising costs for your business are considered write-offs.
Software for scheduling or hosting meetings, like Zoom or Calendly, is tax-deductible.
Coaching, seminars, or workshops used to maintain your work-related skills can be written off.
Any required certifications or licensing fees can be deducted.
If you drive for work ...
While virtual meetings are more and more commonplace these days, as a loan officer, you likely still drive to lots of in-person client meetings or networking events.
Luckily, you can deduct a portion of your car expenses as they relate to work.
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 ...
Remember that meal you grabbed with a potential client or the coffee shop you visited with a fellow loan officer who had a referral for you? Those count as business expenses and can be deducted from your taxes.
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 take the train to meet a client in another city or fly to a different state for a seminar, go ahead and write off your business-related travel expenses.
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 ...
Attending virtual meetings, conducting industry research, working on client development, and managing finances are just a few of the tasks a freelance loan officer might do from home.
If you have a designated at-home workspace, go ahead and write off your home office deductions.
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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Is Your Coffee a Tax Write-Off?
Coffee is subject to the same rules that regulate meal expenses. It’s generally only deductible if it’s an ordinary and necessary expense, or if it benefits your staff or clients.
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