Question

Expenses

Forum|Forum|4 years ago
October 27, 2021
1 reply
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As an independent contractor travel agent, I work from home as well. Is there a list anywhere (besides google) of what can be written as an expense? I have kept every receipt like a hoarder And made spreadsheets from them. Not sure if this is a public question or private. Also, health insurance. I had to purchase my own health insurance outside of my employer once we lost that. I’m used to having my insurance through my employer & I am clueless on how that also falls with the self-employment in our taxes at the end of the year. Oh, then throw in a few months of unemployment because of “ do not travel“ constantly being thrown in the mix as well :)… SOS

C

conniem123

Here is a great source for self-employed business expenses.

What self-employed expenses can I deduct?

Can I take the home office deduction?

You may be able to deduct the amount you paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependents.

https://turbotax.intuit.com/tax-tips/home-ownership/deducting-health-insurance-premiums-if-youre-self-employed/L6bRhLaVE

I hope you find this information helpful!

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Lg901Author

I cannot thank you enough for doing this today. I am so grateful!

O

Opus 17

You can also read these,

https://www.irs.gov/pub/irs-pdf/p334.pdf

https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses

You can deduct ordinary and necessary business expenses. That means expenses that are a normal and regular part of the particular job you are doing. A travel agent working from home can deduct certain household expenses as a "home office". You can deduct phone and computer expenses (much easier if you have work-only computer and phones). You normally wouldn't deduct gas for your home's lawn mower because that is not a business expense for a travel agent, even though it might be an expense for a landscaper. If you decorated your home office with a $50,000 Picasso print, that would not be an "ordinary" or necessary expense.

Unemployment compensation is taxable income, make sure you get your 1099-G from your state government to include it (you may have to download it yourself if the state does not mail it).

As a small business person, you can take a special self-employed business deduction for your medical insurance expense. There's an article here.

https://turbotax.intuit.com/tax-tips/home-ownership/deducting-health-insurance-premiums-if-youre-self-employed/L6bRhLaVE

Turbotax Self-Employed version (online) or Home & Business (installed on your own computer) will walk you through all these different items.