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Level 1
posted May 22, 2024 10:31:47 AM

How do I maximize the deductions for my side business (or LLC)?

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1 Replies
Employee Tax Expert
May 22, 2024 10:38:36 AM

For your business be sure to have all records relating to your business expenses.  If you are a sole proprietorship or use a legal entity such as an LLC  you generally calculate your business expenses in similar ways.  

 

You can write off a wide variety of business expenses you paid during the year, including things like:

  • Advertising costs
  • Commissions
  • Supplies
  • Legal fees
  • Repairs and maintenance
  • Office expenses

If you use a specific area of your home regularly and exclusively for your business, you may be able to claim the home office deduction. 

 

The following resources provide further details:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/top-tax-write-offs-for-the-self-employed/L7xdDG7JL##

 

https://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-business-income...