Adjustable Figures

• Beginning inventory and final inventory.
• Auto expenses and business mileage.
• Bad debts.
• Salaries paid.
• Business expenses, whether you pay for an office space or have furnished a home office.
• List of assets.
• Advertising and marketing expenses.
• Business loan interest.

Tax Deductions for the Self Employed

Home office deduction. 

As mentioned before, you can get a tax credit for expenses accrued creating a home office. 

Health insurance premiums.

If you do not qualify for an employer-based health insurance plan, you can deduct all your health, dental, and qualified long-term care insurance premiums.

Internet and phone bills.

We live in a digital world, so if you rely on your mobile phone and computer to run your business, you are able to deduct your phone and Internet bills.

Vehicle use.

Using your vehicle for anything business-related, you are eligible for tax deductions. This includes gas mileage, repairs, and annual wear and tear to the vehicle.

Education.

Any educational material, such as attending a conference or taking a course, is considered a business expense as you invest in these to maintain and improve your skillset.

Filing self-employed taxes doesn’t have to be a headache when you work with ATM Express Financial and Tax Services. We’re here to help streamline the process and take all the stress off of you during tax season, so contact us here to learn how we can help.