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C O P Y R I G H T @ G M L C P A , P L L C 2 0 1 5
We are a CPA firm dedicated to
transforming the lives of business owners
and increasing their value in the eyes of
their customers.
C O P Y R I G H T @ G M L C P A , P L L C 2 0 1 5
If you're hoping to start a business, whether it's full-time or an additional
stream to your current income, maximizing your deductions can help you
keep more of your hard-earned money.
Brush up on common tax deductions for the self-employed person with the
chart below and remember to keep track of your expenses with receipts
and a detailed daily calendar.
Business related phone lines (cell phone,
landline or both)
Cost of dry cleaning for work wardrobe
Industry specific magazine subscriptions
Marketing and advertising costs
Office supplies: pens, paper, stapler, file
folders, calendars, etc.
Business stationery and envelopes,
business cards, flyers
Office furniture: desk, chairs, filing cabinet
Computer, laptop
Software used in your business
Printer/copier
Fax machine
Office rental or mortgage, or
proportionate home office deduction
Utilities costs or proportionate home
office deduction
Business related internet service
C O P Y R I G H T @ G M L C P A , P L L C 2 0 1 5
CHECK IF YOU HAVE:
Business related travel: airfare, train or bus
ticket, rental car, taxis
Car maintenance: gas, oil changes, tire
rotations, etc, or mileage
Accommodations during business travel
Business meals and entertainment (50%)
Private health insurance premiums
Cost of hosting for website and web
design/copywriting services
Other assistant services, like email
management
Legal and accounting fees
Business bank account fees
Business equipment, materials, and supplies
Cost of cars or trucks for your business
(amortized)
Your child's allowance for cleaning or
helping in the home office
Fees for outsourcing tasks or wages if you
hire someone
Repair and maintenance fees for the home
office
C O P Y R I G H T @ G M L C P A , P L L C 2 0 1 5
Product inventory cost and storage
Postage and post office box rental
Professional licenses
Education costs to improve your skills in
your current business
C O P Y R I G H T @ G M L C P A , P L L C 2 0 1 5
Remember measure all expenses
as Ordinary, Necessary and
Reasonable for your industry.
PLEASE FOLLOW GMLCPA FOR MORE
RESOURCES
C O P Y R I G H T @ G M L C P A , P L L C 2 0 1 5
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