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November 13, 2024
Question

Best Missed Expense

  • November 13, 2024
  • 2 replies
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Hi.  First time filing as self-employed.   What is the best but most commonly overlooked expense writeoff I should be sure to include?  Thanks!

2 replies

Employee
November 13, 2024
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Loretta P
November 13, 2024

Hello @MtnMatt congratulations on your self-employment!  

 

Depreciation is one deduction that frequently gets overlooked.  Large expenses for equipment, property, etc. need to be depreciated over the useful life of the item.

 

Start up costs need to be amortized but up to $5,000 can be expensed in the first year if they qualify.

 

Helpful Links:

What self-employed expenses can I deduct? 

Taking Business Tax Deductions 

20 Tax Deductions for Self-Employed People 

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