Is car insurance tax deductible for self employed

That’s a great list! here are the ones you should take note of:

employees (form 2106): includes expenses from your job for which you were not reimbursed, but you only get the amount that exceeds 2% of your AGI (adjusted gross income), and only if you can detail. For example, if your AGI is $100,000, you must have at least $2,000 in employee/miscellaneous business expenses before you start taking advantage of the deduction. … read the full answer

Self-Employed (Schedule C): You are allowed to deduct most business expenses in full. meals are discounted at 50%.

advertising and promotion expenses (if self-employed)

books and publications

• books, trade magazines, newspapers and publications for your trade or profession

fees and fees:

• Debts to a professional organization for people in your profession
• union dues, initiation fees, and assessments for benefit payments to unemployed union members.
• statutory dues for your profession
• debts to chambers of commerce and similar organizations if membership helps you perform your job duties (see exceptions).
• paid leaves of absence to state or local governments

education and research

• educational expenses related to your current job that maintain or improve your skills.
• research expenses

equipment and supplies

• commercial use of the computer. for employees, it must be for the convenience of their employer and required as a condition of their employment.
• supplies and tools you use in your work

home office

• office expenses in your home if part of the home is used regularly and exclusively for your work. Employees: The use of your home office should also be for the convenience of your employer.
• for more information, see irs publication 587

internet

• employees: must be for the convenience of your employer and required as a condition of your employment.

job search expenses (employees)

To deduct job search expenses, you must be looking for a job in your current line of work (ie, not changing careers or looking for your first job). expenses include:

• resume preparation (writing, typing, printing, mailing, faxing)
• employment agency fees
• executive recruiter fees
• portfolio preparation costs
• professional advice to help you improve your position
• legal and accounting fees you pay in connection with the negotiations and preparation of the employment contract
• advertising
• costs of transportation to job interviews
• long distance calls to prospective employers
• newspapers you buy to read job advertisements
• other trade publications you buy to read the job ads
• half of the meals you pay for are directly related to your job search
• if you travel away from home to look for a new job, your travel expenses, accommodation, meals (50% of the cost), etc. they are deductible only if the main purpose of your trip is to look for work. To substantiate the purpose of your trip, keep a daily record of your interviews, application efforts, etc.

meals and entertainment

• costs for meals and entertainment with a clear business purpose (ie, meetings with clients) (only 50% of the cost is deductible). keep a record of the date, place, amount of expenses, persons present, purpose of business, and business discussed. also keep receipts for expenses over $75.
• for more information, see irs publication 463

telephone rates

• commercial use of the cell phone.
• cost of long distance business calls charged to home phone
• separate business phone (home phone line is not deductible)

travel and transportation

• travel expenses incurred while away from home on business
• travel expenses paid in connection with a temporary work assignment
• transportation between your home and a location of temporary work if you do not have a regular place of work but you normally work in the metropolitan area where you live and the temporary work place is outside that area
• transportation between your home and a temporary work place if has at least one regular workplace for this job. no matter how far away the temporary location is in this case.
• transportation from one job to another if you work two places in one day
• if you are self-employed and your home is your place primary business, all business travel is deductible.
• for more information, see irs publication 463

uniforms and equipment

• protective clothing and equipment
• uniforms (except if you are on full-time active duty in the armed forces)
• dry cleaning costs for your uniforms or protective clothing (although not your everyday clothing)
• specialized clothing designed for your job, as long as it is not suitable for everyday use
• safety gear, such as hard hats , safety glasses, safety boots and gloves

several

• gifts, but only up to $25 per recipient
• passport if needed for business travel
• postage
• office supplies
• printing and copying
• legal and professional services (tax preparation fee)
• medical exams required by your employer
• occupational taxes if charged at a flat rate from your city or other local government for the privilege of working in that area
• commercial liability insurance premiums
• severance insurance premiums
• damages you pay to a former employer for breach of employment contract
• employee contributions to state disability funds

self-employed only

• business loan interest
• autonomous medical insurance (partial)
• commissions and fees
• business insurance
• contributions keogh o sep
• commercial property rental
• office rental and utilities
• repairs and maintenance
• business taxes and license