So I am broke, so want to make sure there will be no overpay.
The categories of expenses, which could be deductable:
- Advertising – marketing, business cards, solicitation materials, Online Ads, Excibitions
- Car and Truck – gas, repairs, expenses
- Comission and Fees – referral fees
- Payments to freelancers and subcontractors (may require 1099-NEC)
- Deprecation – Deduction of business assets over time (equipment, vehicles) – ?
- Employee Benefits – health insurance
- Insurance – business liability
- Interest – business loan or credit card interest
- Home office – simplified $5 per sq ft. with max 300 sq ft. or actual portion of rent, utilities etc.
- Legal and professional fees – accounting, tax prep, legal sevices
- Office expenses – supplies, software, postage etc
- Pension, retirement plans – 401(k)
- Rent/Lease office space, equipment, vehicles
- Repairs and maintenance
- Supplies (double?)
- Taxes and licenses