What types of expenses can I deduct as a self-employed individual and what are the requirements for claiming these deductions on my tax return?

Types of Expenses You Can Deduct as a Self-Employed Individual

As a self-employed individual, there are various types of expenses that you may be eligible to deduct on your tax return. Some common deductible expenses include:

• Business operating expenses such as rent, utilities, and office supplies
• Vehicle expenses related to your business activities
• Travel expenses for business trips
• Health insurance premiums
• Internet and phone expenses for your business
• Professional fees and dues
• Advertising and marketing expenses

Requirements for Claiming Deductions on Your Tax Return

In order to claim deductions for these expenses on your tax return, you must meet certain requirements:

• Expenses must be directly related to your business activities
• Expenses must be considered ordinary and necessary for your line of work
• You must keep accurate records and receipts to support your deduction claims
• Some expenses may have specific limits or rules for eligibility, so it's important to consult with a tax professional

By understanding the types of expenses you can deduct and the requirements for claiming these deductions, you can minimize your tax liability as a self-employed individual.