5 Smart Tax Tips for Women Entrepreneurs

Maximize Your Deductions & Keep More of What You Earn

Feel like you’re leaving money on the table every tax season? You probably are — and it doesn’t have to be that way. 

Let’s be honest — tax season isn’t exactly anyone’s favorite time of year. For many busy entrepreneurs, it can feel like a confusing maze of numbers, rules, and missed opportunities. Between managing clients, growing your brand, and keeping cash flow steady, the idea of tax strategy might fall somewhere between “I know I should…” and “I’ll deal with it later.”

Here’s the truth: tax planning isn’t just about compliance — it’s a form of financial power. Every dollar you save in taxes is a dollar you can reinvest into your future. This includes your personal wealth (my favorite), business growth, or a well-deserved getaway. You work hard for your money. Let’s make sure you keep as much of it as possible!

These five smart tax tips are designed to help service-based business owners, online entrepreneurs, and speakers like you uncover hidden deductions, lower your taxable income, and approach tax planning with greater clarity.

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1. Track Every Expense — Especially Those Sneaky Fees

One of the most overlooked deductions? Transaction and platform fees.
Payment processors like Stripe, PayPal, Square, and even platforms like Kajabi, Teachable, or Eventbrite quietly take 2–3% of your revenue — and yes, those fees are deductible.

📉 Example:
If you earn $150,000 and pay 3% in processing fees, that’s $4,500 in expenses you don’t want to ignore.

✅ Pro Tip:
Alongside your expense tracking system in Quickbooks, Wave or even a Google Sheet, set up a “Merchant Fees.” It makes year-end tax prep way easier (and your accountant will love you).

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2. Fund Retirement Accounts and Lower Your Taxable Income

Want to save for the future and reduce your tax bill today? Retirement contributions are one of the most powerful — and underutilized — tools in your wealth-building toolbox.

👛 Options include:

• SEP IRA – Contribute up to 25% of your net earnings (up to $69,000 in 2024)
• Solo 401(k) – Ideal for higher earners who want flexibility in how they contribute
• Traditional IRA – Great for new or part-time entrepreneurs (up to $7,000 in 2024, or $8,000 if you’re 50+)

💡 Why it matters:
These accounts reduce your taxable income, help you qualify for other deductions, and put you on a path to long-term personal wealth alongside your business success.

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3. Claim Work-from-Home Expenses — Especially Rent

If you’re working from your living room, spare bedroom, or cozy corner of your apartment, you might be able to write off a portion of your rent or mortgage, along with other home-related costs.

🏡 Deductible expenses include:

• Rent or mortgage interest
• Utilities
• Internet
• Home insurance
• Repairs or maintenance to your office space

📏 How it works:
Use the Simplified Method ($5 per sq ft up to 300 sq ft) or the Actual Expense Method, which allocates a percentage of your home costs based on your workspace.

✅ Pro Tip:
If you're paying high rent in places like NYC, LA, or SF, this deduction can make a serious dent in your tax bill.

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4. Depreciate Tech Equipment and Big Purchases

That new laptop, ring light, or camera you bought for your business? You might be able to deduct the full cost in the year you purchased it — or depreciate it over several years for ongoing tax savings.

Qualifying items include:

• Laptops, tablets, and smartphones
• Cameras, mics, and lighting equipment
• Office furniture
• Podcasting or content creation gear

🧾 How it works:

• Use Section 179 to deduct the full cost in the year of purchase
• Or leverage bonus depreciation to write off large purchases during high-income years

📉 Tip:
Plan major business purchases strategically — especially before year-end — to maximize deductions when they matter most.

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5. Maximize Deductions for Speakers, Performers & Content Creators

If you're paid to speak, teach, perform, or create — either on stage or online — you likely qualify for performance-related business deductions that can significantly reduce your tax bill.

🎤 Deductible expenses include:

• Travel to and from events (flights, hotels, mileage, meals)
• Stage-specific wardrobe (e.g. branded outfits, logo gear, on-camera clothing not worn elsewhere)
• Performance or event equipment (mics, cameras, backdrops, lighting, teleprompters)
• Event-specific software or virtual platform costs (like Zoom Webinars or StreamYard)
• Fees paid to agents, virtual assistants, or tech support for events

🚫 What’s not deductible:

• Personal grooming like hair, makeup, nails, or dry cleaning everyday clothes — even if it’s for a business event.

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Final Thought: Tax Strategy Is Financial Empowerment

Tax planning isn’t just about staying out of trouble with the IRS — it’s about stepping into your financial power. When you understand how to use the tax code to your advantage, you keep more of what you earn, reduce your stress, and create the kind of financial freedom that lets you grow your business and your personal wealth. 

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Kelly Gushue is a trusted Financial Coach and CEO of Personal Finance Warrior. Subscribe to her newsletter for exclusive tips and strategies to help you build wealth and achieve financial freedom. Visit www.PersonalFinanceWarrior.com to get started today!