Self Employed? Here's What You Need to Know for Tax Season
- Tax deductions for the business use of your home
- Tax deductions for the business use of your car
- Other business expenses that may qualify for tax deductions
- Maintain good record-keeping
- The bottom line
Tax deductions for the business use of your home
Calculate your home office deduction
Home office deduction limit
Tax deductions for the business use of your car
- Business miles
- Gas and oil
- Registration fees
- Depreciation or lease payments
Other business expenses that may qualify for tax deductions
Equipment and office supplies
- Pens and pencils
- Printer ink cartridges
- File folders
Interest on loans and credit cards
Miscellaneous itemized deductions
Qualified business income deduction
Maintain good record-keeping
- Receipts for business supplies and equipment
- Copies of your mortgage interest paid during the tax year
- Property tax bills and receipts for payment of said taxes
- Utility bills
- Homeowners insurance bill
- If you rent, a copy of your lease
- Receipts for all other expenses you plan to deduct for business purposes
- Business bank account statements
Can I take the home office deduction?
Can I deduct car expenses as a business expense?
Is it necessary to document every business expense when working from home?
Are my tax deductions the same every year I work from home?
The bottom line
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