List of Tax Deductions: Self-employment / Business

As a self-employed individual / business owner, you are allowed a laundry list of tax deductions. These are expenses that are necessary and relevant to your business. Every tax season business owners (small and large) neglect to maximize their chances of a sizable tax return because they overlook qualified deductions that they could have taken. Remember: "Uncle Sam" is not out to just give away money. But if you claim tax deductions fairly and legitimately, then there should be no issue with the government crediting your money to you -- It's the law!

Below is a list of tax deductions for you to consider. Use this tax write off list as a checklist/reference. All may not apply to your particular situation. And some tax deductions may be limited. Consult your tax professional or an authorized IRS tax service for maximum results.

Overhead

• Office Rent / Home Office
• Utilities
• Phone / Cell Phone
• Equipment
• Supplies
• Insurance
• Internet Service
• Computer & Related Expenses
• Fax Machine
• Copier / Printer
• Maintenance & repairs
• Upkeep (sanitation, landscaping, etc.)

(...and ANY & EVERYTHING else you can think of related to Your Overhead Expenses!)

Marketing & Advertising

• TV, Radio, Print, Internet
• Billboards
• Advertising Specialties (pens, magnets, cups,etc.)
• Automobile Signs
• Market Research
• Mailing List
• Search Engine Optimization
• Tradeshows / Booths
• Business Cards / Promo Cards
• Flyers

(...and ANY & EVERYTHING else you can think of related to Your Marketing/Advertising Expenses!)

Education & Training

• Books / Ebooks
• Workshops & Seminars
• CDs, DVDs, Learning Software
• Magazine Subscriptions
• Prof. Organizations Dues
• Tuition
• Business Kits
• Webinars
• Tele-Seminars
• Conference Calls

(...and ANY & EVERYTHING else you can think of related to Your Education & Training Expenses!)

Administrative

• Printing
• Copies
• Fax
• Phone
• Postage
• Stationary (bus. cards, letterhead, etc.)
• Office Supplies
• Computer
• Internet Service
• P.O. Box or Suite Box Rental

(...and ANY & EVERYTHING else you can think of related to Your Administrative Costs!)

Travel

• Air Fare
• Cab Fare
• Train Fare
• Hotel / Motel
• Tolls
• Permits
• Travel Agency Costs
• Travel Membership Costs
• Car Rental
• Gas / Mileage

(...and ANY & EVERYTHING else you can think of related to Your Travel Expenses!)

Auto Expenses

• Mileage
• Repairs
• Insurance
• Gas / Oil
• Car Washes / Waxes
• Tags / Registration
• Vehicle Purchase
• License
• Parking / Toll Charges
• Drivers Training Expense

(...and ANY & EVERYTHING else you can think of related to Your Auto Expenses!)

Note: Also if you've made any charitable donations as a business or gave away business gifts, then those are possible deductions that you need to shoot for also. Round up all your receipts/documentation.

The above list of tax deductions is designed to be used as a reference and "mind jogger" as to what may be possible for you to deduct in your business. Keep this list handy when consulting with your accountant / tax professional. Or when preparing your own taxes through a professional online tax service. With this tax write off list combined with your own additions, you WILL lower your tax liability and increase your chances of a refund :-). Don't pay Uncle Sam more than you have to.

If you fall in the category of self-employed, sole proprietor or independent contractor (which are all very closely related) and have made $400 or more in net income (meaning minus you business expenses) -- then as a general rule you are required to file taxes on that income. Typically, all you have to do is report this income on what is called a schedule C or C-EZ along with Form 1040. Your accountant can make sure you're on track as far as forms and any tax updates or changes are concerned. And if you're like me and want to make a go of filing your taxes yourself and keeping more of your hard earned money, then I'd personally recommend TurboTax a SuperEasy to use tax software. This program walked me through smoothly as if someone was sitting right there next to me guiding me every step of the way. I'm definitely using TurboTax the next go 'round to take full advantage of my "List of Tax Deductions".

Note: If your business structure is set-up as a corporation or other, then your situation is a bit more complex and the note above may not apply . Consult your tax professional or professional tax program service for more details.

Thanks for Visiting ~ "Wishing you the BIGGEST Tax Return EVER!!!"

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