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.
Separate renewal and operating fees from penalties and initial business setup costs.
Eligible business liability or professional liability premiums may qualify. Separate personal coverage and check the policy period.
Keep the policy, premium statement and coverage dates.
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 of the promotion; record the 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.