I have a sole proprietor LLC and work out of my home. What am I able to write off as business expenses?
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You may qualify to deduct a portion of your home office expenses if you have a space that meets the requirements:
There is a simplified method to deduct $5 per square foot of your business space (up to a maximum of 300 square feet). Or, you can deduct a percentage of your "whole home" expenses based on the percentage of your "whole home" that your business space takes up.
We have excellent posts with more details about the requirements to qualify and how to calculate the deduction for business use of home.
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-- KimberW
You can deduct most all expenses that are related to the business to pay fewer taxes. There needs to be a connection between the business with its operation and the expense. Some expenses are subject to additional requirements, limitations and documentations; business meals-normally 50%, home office- dedicated space in the home, auto-use documentation. Documentation and records should be kept to verify the numbers.
Common tax-deductible business expenses
Related Information:
What self-employed expenses can I deduct?
What types of meal and entertainment expenses are 100% deductible on a business return
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