It can be difficult to know what you can and cannot claim on your tax return if you have a home business. There are some expenses that are often overlooked on tax returns, but hiring a tax professional can help you not miss any deductions. Here are some of the deductions you could be claiming:
Books and publications – these of course have to be specific to your business and can’t be general publications; however, the cost can be deducted.
Education – again, any education has to be specific to your industry and your present job then the expenses are deductible. Now, if you are wanting to take classed to add a new service then that costs may not be deductible.
Business insurance – you can claim the cost as a deduction on your tax return
Professional memberships – again, the memberships have to be directly related to your profession. If they do, then you can deduct your membership dues and any fees.
Uniforms – You can deduct the cost of any items purchased for a uniform or required safety clothing.
If you have any questions on which expenses can and cannot be deducted, please contact your tax professional. Don’t have one? Give us a call at 573-686-3053, we’d love the opportunity to help you.