Are these three costs getting a second look before year-end?
For business owners and self-employed professionals. Eligibility depends on your situation.
Review recurring practice ads and client-facing marketing materials. Recurring business promotions may qualify; long-term assets and entertainment need separate treatment.
Keep campaign invoices and a copy of each advertisement, with its business purpose.
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.
Existing-business license renewals and eligible professional association dues may qualify. Exclude lobbying portions, social-club dues, fines and initial career-qualification costs.
Keep renewal receipts and dues statements showing any nondeductible lobbying portion.
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.