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When you’re self employed, you’re going to want to make sure that you’re writing off everything that’s business related.  By writing these items off, you’re going to save yourself a lot of money each year.  If you don’t have a tax professional to help you out, I would highly recommend that you do so.

What you’re going to find out is that if you don’t have a tax professional, you’re going to miss out on a lot of deductions that you may qualify for.  It shouldn’t cost you no more than $500+ depending on your business, but most small business owners only have to pay a little around that mark.

So, you’re probably wondering what you can deduct as a self employed individual.  There are a lot of things that you consider, but before you look at the list, what you’re going to want to do is ask yourself this question…

Is this item going to be used for my business?

If you’re answering yes to this question, you’re going to be able to write it off.  You will also want to look at it from the IRS perspective.  If you were to be audited, would you be able to tell them why you need it?   For example, if you purchased a flat screen TV and write it off, how are you going to justify?

Your home office - Many people don’t think about this one, but even if your office is in your home, you can still write it off!  You can simply just write off a portion of your home.

Office supplies – Anything from pens, pencils to notepads, and paper.

Furniture - Whether you need a new computer desk, a chair, or a bookshelf to carry all of your books, you can write off your furniture.

Software - A computer is going to need a lot of software and if you need to buy it, it can get really expensive.

Where you drive - If you have to drive somewhere and it’s related to your business, make sure that you write off the mileage.  It’s important that you keep a log book for something like this.

Entertainment / Meals - Yes, you can write things off like this.  What you’re going to want to do is make sure that you’re doing it will business related matters.  What you will want to do is grab the receipt and write down what you talked about on the back.

Phone – If you use your phone for business, make sure that you write it off.  It’s a great way to deduct your monthly phone bill.

Again, ask yourself if it’s going to be used for business.  As long as it’s going to be used, you’re going to be able to save.  Whether you’re self employed, or you run a business, find out ways on how to deduct your business expenses.

Related posts:

1. Ultimate List of Tax Deductions
2. Business Tax Deductions Without Receipts
3. What are Some Deductible Business Expenses?
4. 5 Self Employed Tax Calculators You Can Use
5. 10 Employee Expenses That You Sould Know