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Self-Employed? Are You Up-to-date on Your Expenses and Tax Deductions?

April 9, 2019 by OSYB Staff

If you are self-employed and filing your 2018 taxes, Intuit QuickBooks shares a list of expenses and tax deductions that you may qualify for depending upon your services or products. When you’re ready to file, you’ll list the majority of your deductions in Part II of your Schedule C (Form 1040). If you have less than $5,000 in claims, you may be able to use Schedule C-EZ. Whichever you choose, both are due April 15, along with your annual tax return. Here’s a sample of what to include but remember that each category will include deductible and non-deductible components so check each item:

  • Advertising – does include branded marketing materials but does not include office holiday parties
  • Meals – meals with a client while discussing business but personal meals are not included
  • Travel – includes travel costs related to business trips such as airfare and rental car but must be overnight and primarily for business but not inclusive of personal costs like personal meals.

Here are a sample of some less common business expenses to consider:

  • Contract labor
  • Commission and fees
  • Employee benefit programs
  • Business legal/professional services

As with any information on finances and taxes, please consult with your financial professional.

For complete list and details: Complete List of Self-Employed Expenses and Tax Deductions

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