The following is a list of possible deductions for self employed individuals
REMEMBER: Always ask questions! (and there are no stupid questions) You could be missing possible deductions!!
- Auto Expenses
- Banking Fees
- Advertising
- Business Travel
- Charitable Contributions
- Children on Payroll
- Cleaning/janitorial services
- Repairs
- Collection Expenses
- Commissions
- Computers and tech supplies
- Consulting fees
- Continuing education
- Convention and trade show expense
- Costs of good sold
- Credit Card fees
- Dining and Office food expense
- Equipment
- Education
- Franchise fees
- Freight or shipping costs
- Furniture or fixtures
- Gifts
- Group Insurance (if qualifying)
- Insurance
- Equipment Repairs
- Health Savings Account
- Home office
- Interest
- Internet hosting and services
- Investment and management fees
- Legal fees
- Leased Vehicle or equipment
- Licenses
- Materials
- Maintenance
- Mortgage Interest
- Newspapers and magazines
- Office Supplies
- Outside services/Contract labor
- Payroll taxes
- Parking and tolls
- Pension Plans
- Postage
- Rent
- Research
- Rental Property
- Retirement plans
- Safe-deposit box fees
- Spouse on Payroll
- Social media advertising
- Software and online services
- Storage rental
- Subcontractors
- Taxes (Personal and Real Property)
- Telephone
- Utilities
- Website design
- Worker's Compensation