For your business be sure to have all records relating to your business expenses. If you are a sole proprietorship or use a legal entity such as an LLC you generally calculate your business expenses in similar ways. You can write off a wide variety of business expenses you paid during the year, including things like:Advertising costsCommissionsSuppliesLegal feesRepairs and maintenanceOffice expensesIf you use a specific area of your home regularly and exclusively for your business, you may be able to claim the home office deduction. The following resources provide further details:https://turbotax.intuit.com/tax-tips/self-employment-taxes/top-tax-write-offs-for-the-self-employed/L7xdDG7JL## https://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-business-income...

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mideco25

Question

How do I maximize the deductions for my side business (or LLC)?

Forum|Forum|1 year ago
May 22, 2024
1 reply
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Ask the Experts - Biz Tax - May 2024

evelynm

For your business be sure to have all records relating to your business expenses. If you are a sole proprietorship or use a legal entity such as an LLC you generally calculate your business expenses in similar ways.

You can write off a wide variety of business expenses you paid during the year, including things like:

Advertising costs
Commissions
Supplies
Legal fees
Repairs and maintenance
Office expenses

If you use a specific area of your home regularly and exclusively for your business, you may be able to claim the home office deduction.

The following resources provide further details:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/top-tax-write-offs-for-the-self-employed/L7xdDG7JL##

https://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-business-income...

Have an amazing day. Evelyn M (CPA 20+ years)I would love a thumbs up :) + Mark the post that answers your question by clicking on "Mark as Best Answer"