Self Employed Business Income and Expenses

Self Employed Business Income and Expenses

Self Employment Income is generally reported by Sole proprietors and Independent contractors

The three requirements for an expense from a trade or business to be deductible from self-employment income are Ordinary, Necessary, and Reasonable

Business Expenses may include:

  1. Rent
  2. Business Meals
  3. Travel
  4. Foreign Travel
  5. Entertainment
  6. Automobile Expenses
  7. Taxes
  8. Insurance Expense
  9. Bad Debts
  10. Loan Costs
  11. Business Gifts
  12. Employee Achievement Awards
  13. Start-Up and Organizational Costs
  14. Vacant Land
  15. Medical Reimbursement Plans


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Posted in Us Income Tax and tagged .