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Tax Deductible Expenses for Self-Employed
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Home Office Expenses
Costs for a home office are deductible if the space is used regularly and exclusively for business.
Education and Training
Expenses for education and training that maintain or improve your business skills are deductible.
Interest
Interest on business loans and business credit card is deductible.
Professional and Legal Fees
Fees paid for services from accountants, lawyers, and other professionals are deductible if they relate to your business.
Charitable Contributions
Charitable contributions made by the business may be deductible under certain conditions.
Rent or Lease Payments
Payments for renting business property can be deducted if the property is used for business purposes.
Taxes and Licenses
Certain taxes, like state and local sales taxes, and business licenses can be deductible.
Vehicle Expenses
Costs related to a vehicle for business use, including mileage, maintenance, and insurance, can be deductible.
Employee Salaries and Benefits
Wages, salaries, and benefits paid to employees are deductible business expenses.
Meals
50% of the cost of meals during business travel or with clients can be deductible.
Office Supplies and Equipment
The cost of office supplies or equipment solely used for business can be fully deductible.
Repairs and Maintenance
Costs for repairs and maintenance of business property that are necessary and reasonable are deductible.
Advertising and Marketing Costs
Costs for advertising your business, including business cards, websites, and promotional material, can be deductible.
Business Insurance
Premiums paid for business insurance, such as liability or malpractice insurance, are deductible.
Travel Expenses
Expenses incurred while traveling for business can be deductible, including transportation, lodging, and meals.
Retirement Plan Contributions
Contributions to a qualified retirement plan for the self-employed are deductible.
Software Subscriptions
Costs for business-related software subscriptions are deductible.
Bank Charges
Service charges and fees from business bank accounts are deductible.
Internet and Phone Bills
A proportional part of internet and telephone expenses can be deducted based on business use.
Health Insurance Premiums
Self-employed individuals can deduct the cost of health insurance premiums for themselves and their family.
Depreciation
Depreciation on assets used for the business, like vehicles, buildings, and equipment, can be deducted over their useful life.
Utilities
Utility costs for your business, like electricity, water, and gas, can be deductible.
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