Saturday, August 9, 2008

Self Employed Tax deductions

Here is a list of Tax Deductions I've compiled that most Self Employed people I've spoken with have no clue they can deduct!

1) Hand Tools
2) Power tools
3) Office equipment / supplies
4) Home office (If in separate room)
5) Internet
6) Vehicle Insurance
7) Storage / garage
8) Health Insurance
9) Liability Insurance
10) Cell Phone & monthly bill
11) Bus. Licenses
12) Advertisements / Web page
13) Subscriptions to magazines / web sites
14) 50% of Social Security (on 1040)
15) Meals between jobs (Lunch)
16) Vehicle Maint.
17) Gas
18) Work clothes / shoes / Personal safety gear
19) Business losses / non-payment
20) Business credit card debt


Keep these in separate folders with all receipts. After taxes are done, keep them archived for 7 years.

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