topic What are the deductions for small business in Get your taxes done using TurboTax

What are the deductions for small business

JM79 — Mon, 30 Dec 2019 16:46:22 GMT

What deductions are available for freelancers?

Re: What are the deductions for small business

Anonymous_ — Mon, 30 Dec 2019 17:11:29 GMT

If you are operating as a sole proprietor (reporting on Schedule C), the potential expenses deductible from your gross income are too numerous to list. The publication at the link below is a good place to start.

https://www.irs.gov/publications/p535#en_US_2018_publink100015064

The IRS also has a web site for self-employed individuals.

https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

Re: What are the deductions for small business

Anonymous — Mon, 30 Dec 2019 21:36:49 GMT

just about everything that is business related though the deduction s for things like gifts, meals and entertainment are limited. capital expenditures must be capitalized and depreciated but bonus depreciation should allow full deduction in year acquired/placed in service. the will be limits on depreciation for certain vehicles. this is just a general summary.