What are some standard schedule C deductions?

Answer by  Taxmatters (169)

Most business expenses are deductible. Consider, bank charges, utilities. depreciation, vehicle expenses, postage, wages paid, rent, etc. Any expense related to the business is generally a deductible item. Travel, entertainment, lodging are deductible. Professional expenses such as your bookkeeper, tax preparer, attorney, engineers, security and related expenses are permitted. Keep good records and receipts to prove payment.

Answer by  roysmith (12)

Business expenses, including advertising, business vehicle expenses, contract labor, employee benefits, taxes, license fees, office expenses, wages, travel, meals, and entertainment.

Answer by  Kristine (145)

A standard schedule C for Profit and loss for a sole proprietorship, deductions would include salaries, cost of doing business, advertising, car and truck expenses, commissions, depreciation, taxes, licenses, deductions for office space, utilities certain meals and entertainment. Mortgage interest can be deducted also as well as legal and professional services.

Answer by  TaxGirl2008 (57)

Standard schedule C deductions include the following: Expenses for advertising, vehicle mileage, equipment purchases and depreciation, legal and professional fees, business travel, meals and entertainment, office expenses and supplies, rent or lease and deductions for the business use of your home.

Answer by  nkhill (73)

Almost every schedule C will have a deduction for vehicle expenses, business licenses, telephone expenses and professional fees for things such as tax return preparation & accounting.