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JM79
New Member

What are the deductions for small business

What deductions are available for freelancers?

 

2 Replies
tagteam
Level 15

What are the deductions for small business

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

Anonymous
Not applicable

What are the deductions for small business

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. 

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