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Deductions Your Home Business Could Claim

Posted by Dairel Denton Posted on Mar 05 2018

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.