1. Home office expenses: If you work from home, you may be able to deduct a portion of your household expenses such as rent, utilities, and insurance. You can calculate this deduction by determining the percentage of your home that is used exclusively for business purposes.
2. Business meals and entertainment: As long as the expenses are directly related to your business and necessary for its operation, you can deduct 50% of the cost of meals and entertainment. Be sure to keep detailed records, including receipts and notes on the purpose of the expense.
3. Travel expenses: If you have to travel for business purposes, you may be able to deduct the cost of transportation, lodging, meals, and other related expenses. Keep track of all your travel expenses and make sure they are necessary and directly related to your business.
4. Business insurance: You can deduct the cost of insurance premiums for your business, including general liability insurance, professional liability insurance, and property insurance. These expenses can be deducted as long as they are necessary for your business operations.
5. Professional development and education: If you attend workshops, seminars, or classes to improve your skills or knowledge in your field, you can deduct the cost of these expenses. This can include tuition, travel expenses, and materials needed for the course. Just make sure that the education is directly related to your business and will benefit it in some way.