What Expenses You Can Deduct When Paying Quarterly Taxes

When you are self-employed, there are a number of expenses that you can deduct when paying your quarterly taxes. These deductions can help reduce your tax bill and leave you with more money in your pocket.

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Home office expenses

If you have a dedicated home office, you can deduct a portion of your mortgage or rent, utilities, insurance, and other expenses. The deduction is based on the percentage of your home that is used for business.

Vehicle expenses

If you use your personal vehicle for business purposes, you can deduct the cost of gas and oil, repairs, and depreciation. You can either deduct the actual expenses or use the standard mileage rate.

Business-related travel

If you travel for business, you can deduct the cost of airfare, hotels, meals, and other expenses. You can also deduct the cost of attending business-related conferences and seminars.

Advertising and marketing

You can deduct the cost of advertising and marketing your business, including online advertising, print ads, and sponsorships.

Business supplies

You can deduct the cost of office supplies, computer equipment, and other business-related expenses.

Retirement plans

You can deduct the cost of setting up and maintaining a retirement plan for yourself and your employees.

Health insurance

If you are self-employed, you can deduct the cost of health insurance for yourself and your family.

Child care

If you have young children, you can deduct the cost of child care while you are working.

Homeowners and renters insurance

If you own your home or rent an apartment, you can deduct the cost of your homeowners or renters insurance.

Miscellaneous expenses

There are a number of other miscellaneous expenses that you can deduct, including legal and professional fees, membership dues, and business-related books and magazines.

Remember, when claiming deductions, be sure to keep receipts and other documentation in case the IRS has questions.