What expenses are allowable to deduct on your taxes?

Answer by  Chaneygirl (1755)

Just about anything you incur in running your business. Office expenses, supplies, wages, rent, advertising, utilities, dues, legal/accounting, meals, mileage/vehicle, bank fees, interest on business debt, depreciation of larger items.

Answer by  Cecilia (2828)

For a Schedule C business, the IRS has a great pamphlet available that outlines clearly what sort of expenses are deductible. You should be able to download it from their site IRS.gov . Alternately, most of the tax programs like H & R at Home and TurboTax have great sections on this subject. They ask about common deductions to help.

Answer by  sabozeka (611)

There is mileage or reapirs to your vehicle but not both. Subscriptions to trade journals and educational courses that relate to the business.

Answer by  Att4372 (1704)

You can deduct expenses allowed by Congress. These are listed on Schedule A and include medical expenses (including medical insurance), property tax, state income tax, donations to IRS recognized nonprofit organizations, casualty losses greater than 10% of income, job expenses greater than 2% of income, home mortgage interest (main and second home), and interest you paid to finance taxable investments.

Answer by  mayi (212)

expenses from your job if you work commuting to and from work daily for example if you are a private turck driver the amount oif diesles you spent that allowed for you to make money also if you ate out of your home while at the job in ajob that requires you to do so

Answer by  grannypat2 (26)

If you file a personal Tax return you can deduct home office expenses if you work from your home. You can deduct Rental expenses if you own rental properties. Home office expenses would be, mailing, a portion of your utilaties. Aportion of your morgage, or rent. Interest expense.

Answer by  tamarawilhite (17883)

Business rent, office supplies, material costs to make the goods, utilities for the business, legal and accounting fees to run the business, and communication costs are deductible.