You can take any of the deductions incurred in the ordinary course of your business or profession. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. SOme of these expenses are listed on Sch C.
You can deduct home office expenses since you are carrying on your business from home. Expenses that you may be able to deduct for business use of the home may include the business portion of real estate taxes, mortgage interest, rent, utilities, insurance, depreciation, painting and repairs.You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively:
Generally, the amount you can deduct depends on the percentage of your home that you used for business. Your deduction will be limited if your gross income from your business is less than your total business expenses.
You can also depreciate computers, furniture, Equipment etc used for the purpose of business.
If you use your car in your business, you can deduct business mileage that represents your business use of the car.
Please note that If you use the standard mileage rate for a year, you cannot deduct your actual car expenses for that year. You cannot deduct depreciation, lease payments, maintenance and repairs, gasoline (including gasoline taxes), oil, insurance or vehicle registration fees.
Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!
XXXX@XXXXXXX.XXX
Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.
Certified Public Accountant (CPA)
CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..