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.
Match each receipt to a job and separate unused stock from materials already used.
Business liability and qualifying workers' compensation premiums may be deductible. Separate personal coverage and check the policy period.
Keep each policy, coverage period and premium invoice with your business records.
Qualifying trips between workplaces, to clients or to job sites may be deductible. Use eligible business mileage or the business share of actual vehicle costs, not both. Regular commuting is generally not deductible; avoid deducting a cost already reimbursed.
Log the date, destination, business purpose and miles for each trip. Keep parking and toll receipts, and track total annual vehicle miles.
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.