If you have a business, whether it’s full-time or an additional stream to your current income, maximizing your deductions can help you keep more of your hard-earned money.
Brush up on common tax deductions for the self-employed person with the chart below and remember to keep track of your expenses with receipts and a detailed daily calendar. Here are thirty commonly missed ones (plus, a big bonus one)…
1.Business related phone lines (cell phone, landline or both)
2. Cost of dry cleaning for work wardrobe
3. Industry specific magazine subscriptions
4. Marketing and advertising costs
5. Office supplies: pens, paper, stapler, file folders, calendars, etc.
6. Business stationery and envelopes, business cards, flyers
7. Office furniture: desk, chairs, filing cabinet
8. Computer, laptop
9. Software used in your business
11. Fax machine (Yes, people still use them)
12. Office rental or mortgage, or proportionate home office deduction
13. Utilities costs or proportionate home office deduction
14. Business related internet service
15. Business related travel: airfare, train or bus ticket, rental car, taxis
16. Car maintenance: gas, oil changes, tire rotations, etc, or mileage
17. Accommodations during business travel
18. Business meals and entertainment (50%)
19. Private health insurance premiums
20. Cost of hosting for website and web design/copywriting services
21. Other assistant services, like email management
22. Legal, accounting, professional advisory fees, plus your own licenses
23. Business bank account fees
24. Business equipment, materials, and supplies
25. Cost of cars or trucks for your business (amortized)
26. Your child’s allowance for cleaning or helping in the home office!!!
27. Fees for outsourcing tasks or wages if you hire someone
28. Repair and maintenance fees for the home office
29. Product inventory cost and storage
30. Postage and post office box rental
A bonus one: Education costs to improve your skills in your current business. Do not forget this one!