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Deductions & credits
Yes, when you are self-employed almost anything you use for your business is a tax deduction.
Travel for business is allowed when it is an ordinary and necessary expense for your industry. That is the standard applied to all of your business expenses.
For example, when working from home, if you must have a computer and a phone for your work, those items would be ordinary and necessary.
If you bought a statue for your home office, that would not meet the standard, because it is not necessary for your work.
If you qualify for a home office, you can either deduct a standard amount based on the square feet of your office, or a business percentage of your household expenses.
If you deduct the standard amount, you just need to measure your office and calculate the square feet.
If you choose to deduct your actual expenses, you also need to measure your office and the total square footage of your home, and you should keep track of the following:
- Rent, or mortgage interest and property taxes
- Renter's or Homeowner's insurance
- Utilities
- Maintenance or HOA fees
- Repairs
- Miscellaneous like pest control, security cleaning
Click here for more information.
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