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