Which expenses can I deduct on my self-employment income?
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.
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.
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.
Travel, Meals & Entertainment – up to 50% of meals are deductible when traveling. Up to 100% of travel expense or client entertainment expenses are deductible