Tax-Deductible Black Friday Deals for the Self-Employed

Shopping Black Friday deals for your business can help you get more for your money and might even lower your 2023 tax bill. But the rules for deducting business expenses can be complex, and not everything on sale this holiday season qualifies as tax write-off. 

Here are the best Black Friday deals of 2023 and what you should know about claiming what you buy as a tax deduction.

Black Friday deals for your business: What to know before you buy

Before we get into the best Black Friday deals, it helps to know what expenses the IRS allows self-employed taxpayers to deduct from their income. To be considered a business expense, your purchases must be ordinary (common and accepted in your industry) and necessary (helpful and appropriate for your business). Here are a few other things to keep in mind:

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• Expenses must be purchased and used solely for your business to claim 100% of the cost.
• You may be able to deduct a portion of expenses used both for personal and business purposes.
• If your business expenses are more than your income, you may be able to apply your net operating loss (NOL) to future years.

Because IRS tax rules for businesses can be complex, and individual situations differ, it’s a good idea to consult a tax professional. Professionals can help you make the most of your write-offs while following the IRS’ rules and avoiding audit red flags.

Okay, now let's dig into the deals.

Black Friday Best Buy deals for 2023

Computers and laptops are some of the most common home office expenses for the self-employed. And it just so happens they are some of the most common items on sale during Black Friday events. Here’s how much you can save when purchasing these electronics at Best Buy:

• You can save up to $500 on select Windows laptops.
• Chromebooks start as low as $129.
• The MacBook Air 15 is $200 off.

According to Best Buy, products on sale are subject to change, and inventory is limited. 

Best Black Friday 2023 Apple Watch deal 

The IRS hasn't taken a stand on whether some portion of your Apple Watch qualifies as a deductible business expense. However, some tax professionals suggest that it could, depending on how you use the watch and how you prove and document that use. Still, if you’ve had your eye on the Apple Watch 9, you’re in luck. 

Walmart and Amazon are offering the device at $70 off, making it more affordable than ever. However, it will still cost you a few hundred dollars. Thankfully, Black Friday deals don’t end with the newest model.

• The Apple Watch SE (second generation) will go on sale for $179 at Walmart on November 22.
• Starting Nov. 24, Apple is offering a $75 gift card with the purchase of an Apple Watch SE, which starts at $249.

Apple will also offer gift cards, up to $200, on select Apple purchases during the sales event. Eligible purchases include certain MacBooks, iPads, and iPhones. All these items could qualify as tax write-offs. Just remember you can only deduct the expenses related to your business. So, consult a tax professional if you're unsure and keep track of how much you use the devices for your business vs. for personal use.

Dyson Black Friday sales 

Did you know that cleaning supplies you use for your home office qualify as business expenses? That includes appliances, such as vacuums, mops, and steam cleaners. It may seem silly to purchase supplies just for your home office. But remember that you don’t have to. You can use the supplies in other parts of your home, too. That just means you can only claim a portion of the expense (how much you use the supplies for your home office vs. the rest of your home). 

The IRS doesn’t care which brand you buy, but if you love Dyson products, now is a good time to buy.

• You can save $250 on the Dyson V12 Detect Slim™ Absolute.
• The Dyson Gen5detect Absolute is $200 off.
• Save $250 on a Dyson Purifier Hot+Cool purifying fan heater. (Yes, fans and heaters for your home office are tax-deductible, too).

Items that don’t qualify as a tax write-off

Not everything you buy during Black Friday and Cyber Monday sales will qualify as tax write-offs. As stated, the expense must be necessary and ordinary for your business. 

For example, hair-styling appliances and towels generally wouldn't be considered tax-deductible if you don't own a salon or other business where those appliances and supplies are integral. Here are a few other common items on sale this holiday season that don’t typically qualify as a business expense.

• Streaming services, such as Paramount Plus and Netflix
• TVs
• A phone plan for your personal phone
• Toys that you gift as presents 

Although not everything on sale qualifies as a deductible business expense, you might just find a little room in the budget to splurge on items for personal use with all the money you’ll save on your tax bill.

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