Generally, you cannot deduct personal
, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part.For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you can deduct 70% of the interest
as a business expense. The remaining 30% is personal interest and is not deductible..If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest
, insurance, utilities, repairs, and depreciation
. Refer to Publication 587, Business Use of Your Home, for more information..If you use your car in your business, you can deduct car expenses. If you use your car for both business and personal purposes, you must divide your expenses based on actual mileage. Refer to Publication 463, Travel, Entertainment, Gift, and Car Expenses..If your business is profitable - you might want to put some money into qualified retirement
fund - that contribution is generally deducted for income tax purposes.Let me know if you need specific details regarding specific deductions....I appreciate if you take a moment to rate
the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.