Business and Self-Employment Expenses
Business and Self-Employment Expenses
The following are examples of business expenses:
- Accounting, legal, and consulting expenses
- Advertising
- Automobile expenses (used for business)
- Bad debts
- Business-related memberships and subscriptions
- Business taxes, fees and dues
- Continuing Education to improve business skills
- Convention expenses (up to 2 per year)
- Delivery and freight
- Depreciation of capital assets
- Equipment rental
- Insurance
- Interest and bank charges
- Maintenance and repairs
- Management and administration fees
- Meals and entertainment expenses (50% deductible)
- Office expenses
- Property taxes or rent on business property
- Purchases of materials and supplies
- Salaries paid
- Subcontractors’ costs
- Traveling expenses
- Utility expenses
- Workspace in the home (proportionate – includes rent, mortgage interest, property taxes, insurance, utilities, and maintenance)