Are these three costs getting a second look before year-end?
For business owners and self-employed professionals. Eligibility depends on your situation.
Supplies used in your business may qualify. Separate personal purchases, resale stock and long-lived equipment; do not count the same cost twice.
Save the receipt and note whether each purchase was used in treatments or held for resale.
Eligible business liability or professional liability premiums may qualify. Separate personal coverage and check the policy period.
Keep the policy, coverage dates and premium statements together.
Recurring ads and promotional materials for your operating business may qualify. Keep long-term assets and client entertainment separate.
Keep the invoice and a copy or screenshot of the promotion.
Business expenses must be ordinary and necessary. Keep receipts and the business purpose; separate personal use and reimbursements. Inventory and long-term assets can have different rules. General education, not individual tax advice.
Book a free 15-minute year-end tax check with Louisa, by phone.
Book your free 15-minute tax check →Or call or text 281-656-9666.