33 Tips For Self-Employed Individuals

This article is Part 11 in a 12 part series of deductible items that pertain to certain types of businesses.  This week we will be exploring deductions for self-employed individuals.  To view previous articles, go to our website and click on the Talk It Up button.  You will be able to view several previous articles.

Are you taking every deduction that you are entitled to take on your tax return?  If you are in doubt, this list of deductible items should help you.

1. Advertising
2. Bank and merchant charges
3. Business cards and brochures
4. Cleaning and maintenance
5. Demos & samples
6. Depreciation/amortization
7. Employee benefits
8. Freight, shipping, & postage
9. Customer/client gifts
10. Business interest (loans and credit cards)
11. Office expense
12. Rent
13. Printing
14. Customer refunds
15. Equipment rental
16. Repairs (building and equipment)
17. Seminars & trade shows
18. Continuing education (seminars, webinars, conferences, etc.)
19. Software
20. Storage fees
21. Taxes
22. Supplies
23. Tools
24. Utilities
25. Wages
26. Items purchased for resale (inventory)
27. Outside services
28. Equipment & furniture
29. Professional services such as legal & accounting
30. Insurance
31. Dues & subscriptions/publications
32. Telephone, cell phone, internet, fax
33. Other 

Hopefully this list has been helpful to you as you gather information to have your tax return prepared.  Please contact us for all of your income tax needs.  You may also contact us for your FREE copy of the Self-Employed Individual’s Deduction checklist.