22 Tax Write-Offs for Self-Employed Loan Officers

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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!

📝
Office supplies
Write it off using:

Schedule C, Box 18

Deduct anything you buy for your office, like pens, binders, folders, printer ink, or a whiteboard.

🌐
Website & hosting fees
Write it off using:

Schedule C, Box 8

Squarespace, Wix, GoDaddy, and other website service fees are fully tax-deductible.

💬
Advertising
Write it off using:

Schedule C, Box 8

Print and online advertising costs for your business are considered write-offs.

📆
Scheduling software
Write it off using:

Schedule C, Box 18

Software for scheduling or hosting meetings, like Zoom or Calendly, is tax-deductible.

🎓
Seminars & workshops
Write it off using:

Schedule C, Box 27a

Coaching, seminars, or workshops used to maintain your work-related skills can be written off.

📜
Certifications & licenses
Write it off using:

Schedule C, Box 23

Any required certifications or licensing fees can be deducted.

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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
Write it off using:

Schedule C, Box 27a

Parking for a meeting downtown, or any other work trip, is tax-deductible!

🛣️
Tolls
Write it off using:

Schedule C, Box 27a

A toll while driving to or from a work destination is tax-deductible!

🚘
Car purchase & depreciation
Write it off using:

Schedule C, Box 13

If you buy a new car, you can write off part of the cost every year for five years.

🧰
Vehicle tool kit
Write it off using:

Schedule C, Box 22

Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.

☂️
Car insurance & registration
Write it off using:

Schedule C, Box 15

Car insurance monthly fees, registration, even roadside assistance are partially deductible.

🔧
Car maintenance
Write it off using:

Schedule C, Box 9

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.

🍔
Business meals
Write it off using:

Schedule C, Box 24b

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.

🛫
Transportation
Write it off using:

Schedule C, Box 24a

Planes, trains, and car rentals are all work-related travel costs that can be written off.

🏨
Travel lodging
Write it off using:

Schedule C, Box 24a

When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.

🥡
Meals while traveling
Write it off using:

Schedule C, Box 24a

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 office might do from home.

If you have a designated at-home workspace, go ahead and write off your home office deductions.

🛋️
Home office furniture
Write it off using:

Schedule C, Box 18

A desk, chairs, lamps, and other home office necessities are all tax write-offs.

🛠️
Property repairs
Write it off using:

Schedule C, Box 21

You can write off up to $2,500 for individual repairs to your property.

🔌
Power bill
Write it off using:

Form 8829

Gotta keep the lights on in your home office! A portion of your electricity bill counts.

🌪️
Property insurance
Write it off using:

Form 8829

Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.

🚰
Water bill
Write it off using:

Form 8829

It'd be hard to work in an office without running water, huh? You water bill counts.

🌐
Wi-Fi bill
Write it off using:

Schedule C, Box 25

Your Comcast bill is a tax write-off. You need internet to do your job!