5 Last Minute T-Shirt Business Tax Deduction Ideas
It’s time to think about t-shirt business tax deductions! It’s hard to believe the year is winding down already.
You’re probably familiar with the usual suspects like deducting a certain percentage of your utilities and mortgage as tax write-offs, but did you know the end of the year presents a great opportunity to upgrade your equipment, get some continuing education, or donate to a local organization to get great exposure while maximizing your tax deductions?
Here are 5 great ideas on how you can take advantage of year-end tax deductions.
1) Purchase New or Upgrade Your Existing Heat Press
Now is the time to spend money on items your business needs anyway and maximize tax deductions at the same time. You might need new equipment or to upgrade your existing equipment – either way, the time to do it is before the end of the year.
Maybe you’re working with a low-end heat press, but realized a Hotronix® heat press will increase the quality and production time of your finished apparel. Upgrade to a Hotronix Auto Clam or Hotronix® Fusion heat press.
Any equipment or software upgrade can be the easiest ways to end the year on a high note.
2) Add Other Equipment to Expand your Business
Working with just a shirt press? Add more options to your customers like printed caps, apparel and more just by adding a Hotronix® Auto Cap press. Other decorators love having a cap heat press on hand to print onto more options for their customers.
It’s more than just caps too! A Cap Press can decorate visors, bags, sleeves, necklines, baby apparel, and other small items.
3) Add Accessories to your Current Heat Press
Give yourself more printing options and better looking prints by making the move to purchase the accessories you’ve always wanted to make your heat printing life easier.
Interchangeable lower platens for your heat press will make decorating tote bags and cinch sacks a cinch (see what we did there?).
Faster printing with leg and sleeve platens and the can cooler platen will make your labor time faster in the New Year, but will help maximize your end-of-year tax deductions.
4) Donate to a Charity in a New Way
Making a charitable contribution from your business is a great thing to do during the holiday season – and it can also do wonders for your finances. Think outside the box when it comes to donating from your t-shirt decorating business.
A donation doesn’t have to be cash. Giving decorated apparel to fundraisers will help give back to the community while marketing your businesses if you brand the apparel with your company information.
Donate your extra blanks you might have lying around or decorated clothes with small printing mistakes. Even donate your old, used equipment that you no longer use or just upgraded.
5) Stock Up
Making purchases that you know you’ll need in the upcoming year might be a good idea at this time. Do you decorate a lot of uniforms and know you’ll be needing player numbers or flags to decorate sleeves?
Stock up on Easy Prints® Number Kits in the most commonly used colors in your community. For example, Champ White and Champ Black are the most common number styles to stock up on!
Do you stock blank apparel at your shop for last minute orders? Stock up on a standard blank t-shirt style like Port and Co. Fan Favorite Tees (PC450) in Black and White or the most popular colors in your area.
These are great ideas to close out the year financially and take advantage of additional tax deductions.
We’re not accountants and we didn’t stay at a Holiday Inn Express last night, so make sure you go talk to your tax professional about any of these ideas before assuming they’re deductible in your situation. If they’re good with them, why not use this time to make your life easier in 2018 AND lower your tax burden? Win, win!