22 Tax Write-Offs for Self-Employed Loan Officers
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!
Schedule C, Box 18
Deduct anything you buy for your office, like pens, binders, folders, printer ink, or a whiteboard.
Schedule C, Box 8
Squarespace, Wix, GoDaddy, and other website service fees are fully tax-deductible.
Schedule C, Box 8
Print and online advertising costs for your business are considered write-offs.
Schedule C, Box 18
Software for scheduling or hosting meetings, like Zoom or Calendly, is tax-deductible.
Schedule C, Box 27a
Coaching, seminars, or workshops used to maintain your work-related skills can be written off.
Schedule C, Box 23
Any required certifications or licensing fees can be deducted.
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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.
Schedule C, Box 27a
Parking for a meeting downtown, or any other work trip, is tax-deductible!
Schedule C, Box 27a
A toll while driving to or from a work destination is tax-deductible!
Schedule C, Box 13
If you buy a new car, you can write off part of the cost every year for five years.
Schedule C, Box 22
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Schedule C, Box 15
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Schedule C, Box 9
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
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.
Schedule C, Box 24b
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
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.
Schedule C, Box 24a
Planes, trains, and car rentals are all work-related travel costs that can be written off.
Schedule C, Box 24a
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.
Schedule C, Box 24a
When you're traveling for work, all meals are tax-deductible. Even takeout!
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.
Schedule C, Box 18
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
Schedule C, Box 21
You can write off up to $2,500 for individual repairs to your property.
Form 8829
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Form 8829
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
Form 8829
It'd be hard to work in an office without running water, huh? You water bill counts.
Schedule C, Box 25
Your Comcast bill is a tax write-off. You need internet to do your job!
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