Are these three costs getting a second look before year-end?
For business owners and self-employed professionals. Eligibility depends on your situation.
Renewal and regulatory fees for an existing business may qualify. Fines and startup costs need separate treatment.
Keep renewal notices and receipts; separate fines and business startup costs.
Eligible business liability or professional liability premiums may qualify. Separate personal coverage and check the policy period.
Keep the policy, premium invoice and coverage period.
Recurring ads and promotional materials for your operating business may qualify. Keep long-term assets and client entertainment separate.
Keep the ad invoice and a copy of the promotion, with its business purpose.
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.