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What Records and Documents Do I Need To File My Business Tax Return?

If you're hoping to start 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.



EXPENSES


Business related phone lines (cell phone, landline or both)


Cost of dry cleaning for work wardrobe


Industry specific magazine subscriptions


Marketing and advertising costs


Office supplies: pens, paper, stapler, file folders, calendars, etc.


Business stationery and envelopes, business cards, flyers


Office furniture: desk, chairs, filing cabinet


Computer, laptop


Software used in your business


Printer/copier


Fax machine


Office rental or mortgage, or proportionate home office deduction


Utilities costs or proportionate home office deduction


Business related internet service


Business related travel: airfare, train or bus ticket, rental car, taxis


Car maintenance: gas, oil changes, tire rotations, etc., or mileage


Accommodations during business travel


Business meals and entertainment (50%)


Private health insurance premiums


Cost of hosting for website and web design/copywriting services


Other assistant services, like email management


Legal and accounting fees


Business bank account fees


Business equipment, materials, and supplies


Cost of cars or trucks for your business (amortized)


Your child's allowance for cleaning or helping in the home office


Fees for outsourcing tasks or wages if you hire someone


Repair and maintenance fees for the home office


Product inventory cost and storage


Postage and post office box rental


Professional licenses


Education costs to improve your skills in your current business

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