Which expenses can I deduct on my self-employment income?

· Advertising.

Anything that you spend on marketing and advertising is fully deductible. Some examples include Google Ads, flyers, and radio commercials.

· Business use of car and mileage – current rates for 2019 are $0.58 per mile.

· Comissions, Fees & Memberships.

If you pay dues for professional organizations or payout referral commissions, etc. The cost can be deducted from your profit.

· Wages.

Money you pay to your employees or contractors is deductible as well as any cost of employee benefits such as health insurance and bonuses.

· Depreciation, Utilities and Repairs.

Any business asset depreciation and repairs are deductible.

· Interest.

If you incurred interest expense associated with your business (mortgage interest for portion of your home office or credit card interest) it can be deducted.

· Supplies.

Travel, Meals & Entertainment – up to 50% of meals are deductible when traveling. Up to 100% of travel expense or client entertainment expenses are deductible

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