What business deductions can I claim as self employed?
- Rental fees for real and other property used by the business
- Home office expenses
- Business insurance
- Self employed health insurance
- Transportation and travel — both locally and away from your home
- Meals and entertainment
- Business, professional and education licenses, and fees
- Office supplies
- Legal and professional fees related to the business
- Equipment repair costs
- Business supplies
- Advertising costs
- Compensation, salaries, or commissions paid to employees
- Pension plan
In order to claim business expenses, each expense must be considered ordinary and necessary, meaning it is common to the profession and develops or maintains your business.