Are you wondering what are the items that are eligible for the Schedule C deduction? Below is a list of some of the most commonly claimed items on a Schedule C:
-Casualty and theft losses
-Job search expenses
Schedule C Form 1040 Sole proprietor, independent contractor, LLC. How to fill out form Schedule C.[ytvideo]
Deductible expenses for your business
If you’re running a business, you may be able to deduct a number of expenses associated with running it. These include expenses for things like office supplies, advertising, and software. Here’s a full list of deductible business expenses:
- Office supplies and equipment: cost of items like paper, pens, printers, Xerox machines, calculators, and phones
- Advertising: cost of print, online, or radio ads
- Software: cost of programs like Microsoft Office, Adobe Photoshop, and QuickBooks
- Legal and accounting fees: costs associated with filing taxes, creating and maintaining business records, and consulting with legal and accounting professionals
- Travel: costs associated with traveling to meet customers, attend business meetings, or research new locations
- Research and development: costs associated with developing new products, services, or marketing strategies
- Miscellaneous: anything not on the list that is specifically related to running your business
Business use of your home
The business use of your home can include renting it out, using it as an office, or using it as storage. If you use your home for business purposes, you can deduct the fair market value of the use of the home in addition to the expenses associated with using the home, such as mortgage payments, property taxes, and utility bills.
1) Rent or lease of a car or other vehicle for business use.
2) Gasoline, oil, and other driving expenses.
3) Parking fees and tolls.
4) Maintenance and repairs on your car or other vehicle.
5) Insurance premiums.
6) Towing and storage fees.
7) Car washes.
8) Car rentals.
- Local attractions
I recently took a trip to New York City. My expenses totaled $1,500. I spent $800 on hotel rooms and $400 on food. I also spent $100 on transportation and $50 on local attractions. My total expenses came to $1,600. This means that my deduction for travel expenses was $1,100.
- A list of all the supplies that you will need for your blog post.
-A computer with internet access
-A wordpress blog
-A copy of your blog post
-A writing utensil of some sort
-An image hosting site such as imgur
-A Google Doc or other electronic document editor
-A thesaurus for English words
-An online research tool
-A piece of paper for drawing a graph
– postage stamps
-A postal service
-A stamp machine
Open your wordpress blog in your web browser.
Upload your copy of your blog post to your blog.
Select your writing utensil of choice.
Type your blog post in to your wordpress editor.
Select your image hosting site.
Upload your image.
Select your calendar.
Type in the dates of your blog post.
Type in your dictionary.
- Travel expenses: airfare, hotels, rental cars, etc
- Meeting expenses: dinners, drinks, etc.
- Tools and equipment: computers, printers, copiers, etc.
- Miscellaneous expenses: postage, phone bills, software, etc.
I would estimate that the average person spends $1,500 per year on travel expenses alone. This doesn’t include meeting expenses, tools and equipment, or Miscellaneous expenses. Meeting expenses can easily add up to $500 per year or more. Tools and equipment can be quite costly, too. A computer can cost anywhere from $800 to $3,000. A printer can cost anywhere from $50 to $200. And, of course, there are all sorts of other Miscellaneous expenses that can come up, like postage, phone bills, and software.
Adding it all up, the average person spends somewhere between $3,000 and $5,000 per year on travel expenses, meeting expenses, tools and equipment, and Miscellaneous expenses.
The following are items you can deduct on your federal income tax return under the Schedule C business deduction:
-Cost of goods sold
-Research and development
-Advertising and promotional expenses
-Facilities and equipment
-Employees’ wages and salaries