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
  • Interest
  • 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
  • Taxes

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.