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/...
https://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-business-income...
Have an amazing day. Evelyn M (CPA 20+ years)
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